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NEW  YORK  : 


COWAN,  McCLURE  &  CO. 


1872. 


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STATEMENT 

RESPECTING  THE 

Indiana^  Illinois  Central 

RAILWAY  COMPANY 


BUILDING  AN 


East  and  West  Air  Line  of  152  Miles  between 
Indianapolis,  Ind.,  and  Decatur,  Ill., 

SHOWING  THE 


Basis  and  Security 

OF  ITS 


Fifjst  Mortgage  7  pef[  Cent.  Sinking  Fund 


GOLD  BONDS. 


New  York: 

COWAN,  McCLURE  Sc  CO.,  Printers,  35  Pine  and  95  Reade  Sts. 


1872. 


5Y' 1  %*<•*£>*  'rM 


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NOTE. 


The  following  statement  has  been  prepared  to  answer  the 
enquiries  which  suggest  themselves  to  a  prudent  investor  in  railway 
securities.  These  enquiries  properly  relate  (1),  to  the  standing  and 
experience  of  the  parties  engaged  in  the  enterprise,  especially  of 
its  directors,  officers  and  trustees;  (2),  to  the  location  and  length  of 
the  line,  and  its  connections  at  and  between  termini ;  (3),  to  the 
character  of  the  country  through  which  it  passes,  its  population, 
soil  and  productions,  and  to  the  probable  traffic  of  the  road,  both 
through  and  local ;  (4),  to  the  amount  of  work  already  done  and 
money  expended  on  it,  and  to  the  adequacy  of  the  means  provided 
for  its  completion  ;  (5),  to  the  title  by  which  it  holds  its  property  and 
franchises,  and  to  the  legality  and  priority  of  its  mortgage. 

The  endeavor  has  been  to  answer,  in  this  pamphlet,  all  of  these 
pertinent  questions  so  far  as  they  affect  the  Indiana  and  Illinois 
Central  Railway,  and  the  security  of  the  First  Mortgage  Bonds 
upon  the  line,  which  are  now  first  offered  to  the  public. 


DIRECTORS,  OFFICERS  AND  TR  USTEES. 


President : 

HENRY  B.  HAMMOND, . New  York. 

Of  the  Law  Firm  of  Emott,  Hammond  &  Pomeroy  ;  and 
Late  Secretary  Union  Pacific  R.  R.  Co. 


Directors : 


WILLIAM  H.  GUION, . New  York. 

Of  Williams  &  Guion,  Managers  Great  Western  Steamship  Co. 

SIDNEY  DILLON,  ....  New  York. 

Vice-President  Central  R.  R.  of  New  Jersey,  and  Director 
Union  Pacific  and  Canada  Southern  R.  R.  Co’s. 

CHAUNCEY  VIBBARD, . New  York. 

Of  Vibbard,  Foote  &  Co.,  Late  Superintendent  New  York 
Central  R.  R.  Co. 

A.  H.  LAZARE,  ....  New  York. 

BENJAMIN  E.  BATES, . Boston. 

President  Bank  of  Commerce,  Director  Rensselaer  and  Sara¬ 
toga,  and  Late  Director  Union  Pacific  R.  R.  Co. 

HENRY  LEWIS, . Philadelphia. 

Of  Lewis,  Wharton  &  Co.,  Director  Southern  R.  R.  Association, 
Lessees  Miss.  Central  R.  R. 

JOHN  L.  KING, . Springfield,  Mass. 

Director  and  Late  Treasurer  Southern  R.  R.  Association. 

GEORGE  M.  PULLMAN, . Chicago. 

President  Pullman  Palace  Car  Co.  and  Director  Union  Pacific 
R.  R.  Co. 


Indianapolis. 


A.  L.  ROACHE, . 

Late  Justice  of  the  Supreme  Court  of  Indiana. 


E.  M.  BENSON, . Montezeuma,  Ind. 

President  of  the  Montezeuma,  Brazil  and  Raccoon  Valley  R.  R. 

Co.,  and  Director  Evansville,  Terre  Haute  and  Chicago 
R.  R.  Co. 

THOMAS  H.  MACOUGHTRY,  .....  Tuscola,  Ili, 

Counsellor  at  Law. 

JOHN  K.  WARREN, . Decatur,  III. 


Director  Pekin,  Lincoln  and  Decatur  R.  R.  Co. 


Secretary  and  Treasurer : 

GEORGE  WALKER, . .  .  New  York. 

Of  Walker,  Andrews  &  Co.,  and  Andrews  &  Co.,  Paris, 
Director  and  Late  Vice-Pres’t  Western  Union  Telegraph  Co. 


Chief  Engineer  and  Superintendent : 
HENRY  C.  MOORE, . 

Late  Superintendent  Pacific  R.  R.  of  Missouri. 


Trustee  of  Bonds: 

THE  UNION  TRUST  CO.  OF  NEW  YORK. 
Financial  Agents: 

WALKER,  ANDREWS  &  CO.,  14  Wall  St.,  New  York 


Offices  of  the  Company: 

No.  20  Nassau  Street,  New  York. 


STATEMENT. 


The  Indiana  and  Illinois  Central  Railway  is  a  line 
located,  and  in  part  constructed,  between  the  cities 
of  Indianapolis  Indiana,  and  Decatur  Illinois.  It  is 
152  miles  long,  and  passes  through  the  counties  of 
Marion,  Hendricks,  Putnam,  Parke  and  Vermillion,  in 
Indiana ;  and  Edgar,  Douglass,  Piatt,  Moultrie  and  Macon 
in  Illinois.  It  passes  so  near  also  to  the  southerly  line 
of  the  County  of  Vermillion  in  Illinois,  as  to  insure  to 
it  a  considerable  business  from  that  county.  For  con¬ 
venience  of  designation  the  line  is  divided  into  two 
divisions,  the  Eastern,  of  67  miles,  extending  from 
Indianapolis  to  the  Wabash  river;  and  the  Western,  of 
85  miles,  from  the  Wabash  river  to  Decatur. 

The  termini  of  the  roads  are  nearly  upon  the  same 
meridian,  and  its  route  is  nearly  the  shortest  line  which 
can  be  drawn  between  them.  It  makes  slight  deflec¬ 
tions  to  the  north  on  approaching  the  valleys  of  the 
Wabash  and  Sangamon  rivers,  but  otherwise  its 
course  is  due  East  and  West. 

INDIANAPOLIS, 

The  Eastern  terminus,  and  the  capital  of  Indiana, 
has  a  population  of  more  than  60,000,  and  is  growing 
with  great  rapidity.  Next  to  Chicago,  it  is  the  largest 


8 


railway  centre  of  the  West.  Lying  in  latitude  40, 
which  is  also  the  meridian  of  Philadelphia,  Columbus 
Ohio,  Decatur  and  Springfield  Illinois,  St.  Joseph 
Missouri,  and  Denver  Colorado,  it  is  in  the  line  of  the 
greatest  East  and  West  travel,  and  must  become,  year 
by  year,  a  more  important  thoroughfare.  The  lines  of 
railway  reaching  out  to  the  further  West  and  to  the 
Pacific,  and  converging  from  Boston,  New  York,  Phila¬ 
delphia,  Baltimore  and  Norfolk,  meet  at  Indianapolis, 
and  thence  pursue  westward  routes  common  to  them 
all.  Either  at  Indianapolis,  or  at  Decatur  and  Spring- 
field  in  Illinois,  also  diverge  the  great  routes  which 
lead  to  the  Pacific  and  the  South-West — over  the  Union 
Pacific,  the  Kansas  Pacific,  the  Atlantic  and  Pacific, 
and  the  Cairo  and  Fulton  roads.  Owing  to  the  high 
mountain  ranges  which  lie  south  of  the  Ohio  river,  the 
great  arteries  of  commerce,  between  the  Atlantic  sea¬ 
board  and  the  states  West  of  the  Mississippi,  must 
always  run  between  the  Ohio  and  the  great  lakes; 
where  nature  has  provided  a  good  and  ample  highway 
for  their  accommodation.  Indianapolis  lies  midway  be¬ 
tween  these  natural  boundaries,  and  no  point  North  or 
South  of  it  is  as  well  situated  to  receive  and  distribute 
business,  from  and  for  all  portions  of  the  country. 

Eleven  railways  already  converge  to  this  city,  and 
the  Indiana  and  Illinois  Central  will  make  the  twelfth. 
The  existing  lines  are  the  Indianapolis  and  St.  Louis ; 
the  St.  Louis,  Vandalia  and  Terre  Haute ;  the  Indian¬ 
apolis  and  Vincennes ;  the  Jeffersonville,  Madison  and 
Indianapolis ;  the  Indianapolis  and  Cincinnati ;  the 
Cincinnati  and  Indianapolis  Junction  ;  the  Pittsburg, 
Cincinnati  and  St.  Louis;  the  Cleveland,  Columbus, 
Cincinnati  and  Indianapolis ;  the  Indianapolis,  Peru 


9 


and  Chicago ;  the  Lafayette  and  Indianapolis ;  and  the 
Indianapolis,  Bloomington  and  Western. 

The  trains  over  all  these  railways  meet  in  one  large 
Union  Depot,  of  which  the  buildings  and  tracks  are 
owned  by  the  Union  Railway  Company,  to  the  stock 
of  which  several  of  the  most  important  companies 
have  contributed,  and  in  which  all  of  them  are  ex¬ 
pected  soon  to  participate. 

With  such  a  concentration  of  railway  lines,  lying 
midway  between  the  Atlantic  and  Border  States,  and 
between  the  Ohio  river  and  the  Lakes,  in  the  heart  of 
a  country  of  unsurpassed  fertility  and  inexhaustible 
mineral  wealth,  Indianapolis  cannot  fail  to  become  one 
of  the  largest  interior  cities  of  the  United  States. 

DECATUR , 

The  Western  terminus,  occupies  a  position  almost 
equally  central  in  the  State  of  Illinois.  It  has  a  popu¬ 
lation  of  8,000,  and  is  also  a  very  important  railway 
centre.  Railways  already  reach  it  from  six  directions, 
the  main  line  of  the  Illinois  Central  and  the  Toledo, 
Wabash  and  Western,  crossing  each  other  nearly  at  a 
right  angle,  at  this  point,  to  which  also  converge  the 
Decatur  and  East  St.  Louis,  the  Pekin,  Lincoln  and 
Decatur,  and  the  Monticello  roads.  Five  other  lines 
are  also  building  to  the  same  point,  namely,  the  Peoria, 
Atlanta  and  Decatur,  the  Decatur  and  State  Line,  the 
Paris  and  Decatur,  the  Decatur,  Sullivan  and  Mattoon, 
and  the  Indiana  and  Illinois  Central.  Another  impor¬ 
tant  line  is  also  projected,  and  will  undoubtedly  be  built 
from  Decatur,  Southwesterly  to  Rodehouse  on  the 
St.  Louis,  Jacksonville  and  Chicago  road,  from  which 
point  a  line  is  now  completed  to  the  Mississippi  River 


10 


at  Louisiana,  the  Eastern  terminus  of.  the  Louisiana  and 
Mississippi  Liver  11.  R.,  which  will  be  completed  to 
Kansas  City  early  in  1873.  These  important  lines  are 
leased  and  controlled  by  the  Chicago  and  Alton  Co., 
and  when  the  link  between  Decatur  and  Rodehouse  is 
supplied,  will  furnish  to  the  Indiana  and  Illinois  Central 
a  very  direct  route  to  Colorado  and  the  Pacific  over 
the  Kansas  Pacific,  the  North  Missouri,  and  the  St. 
Joseph  and  Denver  City  roads;  as  well  as  to  South 
West  over  the  Missouri,  Kansas  and  Texas.  A  still 
more  direct  connection  with  the  Union  Pacific  railway, 
will  be  had  over  the  Toledo,  Wabash  and  Western,  the 
Hannibal  and  St.  Joseph,  and  the  St.  Joseph  and  Den¬ 
ver  City  roads.  By  this  line,  the  distance  between 
Fort  Kearney,  on  the  Union  Pacific,  and  New  York, 
will  be  232  miles  shorter  than  by  way  of  Chicago  and 
Omaha,  which  is  equivalent  to  a  saving  of  twelve  hours’ 
travel. 

The  distance  between  Indianapolis  and  Decatur  will 
be  10  or  15  miles  shorter  by  the  Indiana  and  Illinois 
Central  than  by  any  other  road  existing  or  projected, 
so  that  both  the  local  and  through  traffic  between 
these  cities  must  seek  this  in  preference  to  any  other 
route.  It  is  a  link  which  has  long  been  wanting  in  the 
chain  of  east  and  west  communication,  and  which  is 
now  rendered  indispensable  by  the  rapid  development 
of  business  in  that  region. 

RAILWAY  CONNECTIONS  BETWEEN  TER¬ 
MINI, ; 

Although  its  terminal  connections  are  the  most  im¬ 
portant,  the  road  will  also  derive  great  advantages  from 
the  railways  which  it  crosses  or  meets  between  those 
points. 


11 


Going  Westward  from  Indianapolis,  it  first  crosses 
the  Louisville,  New  Albany  and  Chicago  R.  R.,  at 
Bainbridge,  in  Putnam  County  ;  next,  at  Rockville,  in 
Parke  County,  it  crosses  the  Logansport,  Crawford- 
ville  and  South  Western  and  the  projected  line  of 
the  Indiana  North  and  South  R.  R’s.  ;  at  Montezeuma 
on  the  east  bank  of  the  Wabash,  it  meets  or  will  form 
a  junction  with  the  Montezeuma,  Brazil  and  Raccoon 
Valley  R.  R.,  a  road  to  be  built  the  present  year  through 
the  Valley  of  the  Big  Raccoon  Creek  to  Brazil,  crossing 
the  finest  coal-fields  of  Parke  and  Clay  Counties,  and 
insuring  a  large  and  immediate  coal  traffic  to  the  West¬ 
ern  division  of  the  Indiana  and  Illinois  Central  upon  its 
completion.  On  the  west  bank  of  the  Wabash,  it  crosses 
the  Evansville,  Terre  Haute  and  Chicago  Road,  the 
most  successful  of  the  new  coal  roads  of  Indiana,  with 
which  it  will  also  have  important  traffic  connections. 
In  Illinois  it  crosses,  first,  the  Paris  and  Danville  Road, 
about  eight  miles  West  of  the  State  line,  and  the  Chi¬ 
cago  branch  of  the  Illinois  Central  at  Tuscola,  the 
county  seat  of  Douglass  County.  All  these  intermediate 
roads  pursue  a  different  direction  from  the  Indiana  and 
Illinois  Central,  and  being  crossed  at  large  angles,  will 
be  important  feeders  to  it,  inasmuch  as  the  dominant 
direction  of  traffic  in  the  Western  States  is  East  and 
West,  and  roads  which  follow  that  direction  are  certain 
to  receive  more  than  they  give  to  lines  which  cross 
them  from  the  North  and  South. 

CO  UNTR  Y  TEA  VERSED  B  Y  THE  LINE. 

The  belt  of  country  through  which  the  road  passes, 
is  of  an  average  width  of  thirty  miles ,  with  no  other 
East  and  West  line  built  or  projected  through  it. 


12 


Though  this  belt  is  narrower  than  above  stated  at 
either  end,  it  is  much  wider  in  the  middle,  being  more 
than  fifty  miles  wide  in  the  valley  of  the  Wabash — 
the  garden  valley  of  the  West.  There  is  no  more  fer¬ 
tile  country,  in  either  Indiana  or  Illinois,  than  the 
counties  which  the  line  traverses ;  and  none  of  the 
purely  agricultural  sections  more  densely  populated  or 
highly  productive.  The  Chief  Engineer,  after  survey¬ 
ing  the  location  of  the  road,  reports  “  the  route  of  this 
road  in  both  states  is  through  a  tier  of  the  very  best 
agricultural  counties  of  either  state ;  there  are  no 
waste  or  unoccupied  lands  on  the  road  in  Indiana,  and 
but  a  very  small  amount  yet  unoccupied  in  Illinois, 
the  whole  country  being  highly  cultivated  farms,  with 
good  buildings,  and  other  improvements.  Stock  rais¬ 
ing  is  extensively  engaged  in  by  the  people,  and  their 
annual  surplus  of  hogs  and  cattle,  now  driven  to  other 
railroads,  will  afford  business  for  your  road  immedi¬ 
ately  on  its  completion.  There  is  also  a  large  surplus 
of  corn  and  wheat  seeking  an  outlet  to  a  market, 
which  will  at  once  come  to  your  road.” 

The  Hon.  D.  W.  Yoorhees,  who  has  for  many  years 
represented  the  Indiana  portion  of  this  country  in 
Congress,  writes:  “  My  opportunities  forknowing  the 
advantages  of  the  route  of  your  road,  have  been  most 
ample.  I  have  been  over  almost  every  mile  of  it  in 
person,  and  I  pronounce  it,  without  hesitation,  the  best 
unoccupied  railroad  route  in  the  state ;  nor  has  it  any 
superior  anywhere  East  or  West.  The  census  returns 
show  that  the  counties  of  Marion,  Hendricks,  Putnam, 
Parke  and  Vermillion,  through  which  it  passes  in 
Indiana,  compare  very  favorably  in  agricultural  pro¬ 
ductiveness  with  the  best  of  the  famous  1  blue  grass  ’ 


13 


counties  of  Kentucky,  to  which,  indeed,  they  bear  a 
strong  resemblance.  The  facilities  for  stock  raising 
are  as  great  as  can  be  found  anywhere  in  the  United 
States ;  and  these  counties  are  all  stocked  with  horses, 
mules,  cattle,  sheep  and  hogs  of  the  best  breeds,  in  this 
or  any  other  country.  In  fact,  there  are  importations 
every  year  from  Europe,  by  the  prominent  stock  raisers 
of  this  portion  of  Indiana.  You  will  see  at  once  that 
the  local  business  of  your  road  will  be  very  great.  It 
will  be  more  than  sufficient  alone  to  pay  for  its  con¬ 
struction,  and  make  remunerative  dividends.  No  one 
can  doubt  this,  who  is  at  all  familiar  with  the  country 
through  which  you  propose  to  run,  and  the  people  who 
inhabit  it.  All  that  I  have  said,  so  far  as  the  fertility 
of  resources  is  concerned,  will  apply  to  your  route 
after  you  enter  Illinois,  as  well  as  to  the  Indiana 
branch  of  your  line.” 

Professor  E.  J.  Cox,  State  Geologist  of  Indiana, 
writes :  “  In  regard  to  the  country  through  which  your 
road  passes,  I  can  say,  that  for  agricultural  purposes  it 
is  unsurpassed  by  any  other  district  of  the  State. 
Good  farms  are  opened  along  the  line,  and  are  in  a  fine 
state  of  cultivation.  The  uncultivated  portions  are 
heavily  timbered  with  white  oak,  red  oak,  poplar,  black 
walnut,  hickory,  &c.” 

The  Hon.  T.  A.  Morris,  late  President  of  the  Indian¬ 
apolis  and  St.  Louis  Railway,  writes :  ‘‘I  believe  that 
your  road  runs  through  a  country  of  unsurpassed 
fertility,  already  highly  cultivated,  and  producing  a 
large  agricultural  surplus.  Its  position  as  a  line  to 
gather  business  from  the  West  for  the  East  I  regard  as 
very  favorable.” 

The  Hon.  O.  P.  Morton,  U.  S.  Senator  from  Indiana, 


14 


writes  :  “  The  projected  road  from  Indianapolis  West 
through  Rockville  to  Decatur,  Illinois,  I  regard  as  a  very 
important  one.  It  traverses  country  not  excelled  in 
this  State  or  Illinois  in  fertility  or  resources,  occupied  by 
an  intelligent  and  enterprising  population;  when  finish¬ 
ed  it  will,  in  my  judgment,  be  an  excellent  road  and  a 
good  investment.” 

Of  the  Western  or  Illinois  division  of  the  road,  E.  T. 
Gar  lick,  Esq.,  proprietor  of  the  Brazil  Iron  Works,  Indi¬ 
ana,  writes :  “  The  Western  division,  commencing  at  De¬ 
catur,  and  terminating  at  the  Wabash  river,  traverses  one 
of  the  most  fertile  and  inexhaustibly  rich  sections  of 
prairie  country  on  this  continent,  and  almost  from  the 
completion  of  your  road,  your  resources  will  be  taxed 
to  the  utmost  to  provide  the  equipment  necessary  to  se¬ 
cure  the  crops  and  stock  that  will  seek  a  market  over  it.” 

The  Hon.  J.  W.  Palmer,  late  Governor  of  the  State 
of  Illinois,  writes :  “  I  am,  and  have  been  for  many 
years,  acquainted  with  the  country  over  which  your 
line  of  railway  will  pass,  and  have  to  say  that  it  is 
equal  to  any  in  the  State  ;  and  I  am  also  prepared  to 
say,  that  the  business  of  the  road,  when  it  shall  be  put 
in  operation,  must  be  profitable.  The  line  is  very  popu¬ 
lar  with  the  people ,  and  the  local  subscriptions  will  no 
doubt  be  met  according  to  their  terms.” 

Numerous  letters  of  the  same  purport  will  be  found 
in  a  later  portion  of  this  pamphlet.  They  have  been 
selected  from  a  large  correspondence  with  a  view  to 
present  the  opinions  of  the  most  intelligent  and  re¬ 
spected  men  of  both  States,  forming  their  judgment 
from  the  stand-point  of  different  professions  and  ex¬ 
perience.  None  of  the  writers  have  any  pecuniary 
interest  in  the  road. 


15 


The  United  States  Census  returns,  for  1870,  confirm 
the  testimony  of  these  witnesses.  According  to  the 
census  valuations,  the  States  of  the  Union  foremost  in 
wealth,  stand  in  the  following  order:  New  York,  Penn¬ 
sylvania,  Ohio,  Massachusetts,  Illinois,  Missouri  and 
Indiana.  Missouri  is  much  larger  in  territory  than 
either  of  the  others,  but  in  density  of  population  and 
in  the  average  wealth  of  each  inhabitant,  it  is  behind 
Indiana.  A  few  statistics  relating  to  the  counties  in 
Indiana  and  Illinois,  through  which  the  Indiana  and 
Illinois  Central  railway  will  pass,  (including  Vermillion 
County,  Illinois,  which  lies  so  near  to  it  as  to  be  certain 
to  contribute  largely  to  its  business),  are  herewith  pre¬ 
sented  in  tabular  form.  This  table  gives  the  following- 
results: — 


Population, . 

V aluation  of  Property, . 

Acres  of  land  improved, . 

“  “  woodland, . 

“  “  unimproved, . 

Bushels  of  wheat,  (1869), . 

a  “  corn,  “  . 

“  “  oats,  “ . 

Value  of  animals  slaughtered  or  sold  for 

slaughter,  . 

Value  of  all  live  stock . 


.  255,877 

$228,841,228 
.  1,908,237 
631,529 
101,686 
.  3,211,243 

.  15,454,883 
.  2,104,014 

$6,863,779 

17,347,697 


These  figures,  it  will  be  remarked,  were  for  the  year 
1869.  In  the  three  years  which  have  since  elapsed,  all 
of  them  have  been  largely  increased. 

To  each  mile  of  the  Indiana  and  Illinois  Central 
Railway,  there  is  a  population  in  those  counties,  contri¬ 
buting  to  its  local  business,  of  1,683  persons,  and  a  prop¬ 
erty  valuation  of  $1,500,000. 


Table  showing  the  Population,  Valuation,  Acres  Improved,  Woodland,  Acres  Unimproved,  Bushels  of  Wheat,  Corn 


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Total  both  States . 1  255,877  ^228.841,228  1  1,908,237  631,529  I  101,686  I  3,211,243  I  15,454,883  !  2,104,014  '$6,863,779  '$17,347,697 


17 


BLOCK  COAL. 

Reference  has  hitherto  been  made  only  to  the  agri¬ 
cultural  resources  of  the  country  traversed  by  the 
Indiana  and  Illinois  Central  Railway.  A  much  larger 
and  more  expanding  traffic  will  be  derived  from  the 
carriage  of  coal.  In  Parke  and  Vermillion  Counties, 
the  road  passes,  for  a  distance  of  over  twenty  miles, 
through  the  bituminous  coal-field  of  Indiana,  of  which 
seven  or  eight  miles  are  through  the  recently  discov¬ 
ered  but  already  famous  Block  Coal  field.  The  dis¬ 
covery  of  this  coal  and  of  its  peculiar  adaptation  to 
the  smelting  of  iron  ores,  and  the  production  of  steel, 
is  one  of  the  most  remarkable  and  beneficent  discover¬ 
ies  of  which  this  country  has  had  the  benefit.  It  has 
materially  affected  the  future  of  the  whole  Western 
country,  but  especially  of  the  state  of  Indiana.  Hith¬ 
erto  one  of  the  most  productive  agricultural  states,  it  is 
now  to  enter  upon  a  new  career,  that  of  mining  and 
manufacturing  industry.  The  discovery  of  a  fuel  which, 
used  in  its  raw  state,  will  produce  a  quality  of  pig-iron 
hitherto  only  to  be  obtained,  at  a  high  cost,  by  the  use 
of  charcoal,  was  the  only  condition  wanting  to  transfer, 
from  the  Eastern  to  the  Western  states,  the  manufacture 
of  iron  for  railways  and  all  other  purposes.  The  coun¬ 
try  about  Lake  Superior  and  the  Iron  Mountain  of 
Missouri  already  supplies  the  best  iron  ores,  and  the 
interchange  of  these  essential  elements  of  production 
will,  for  all  time,  furnish  a  remunerative  traffic  to  the 
railways  which  lie  between  them. 

Col.  John  W.  Foster,  of  Chicago,  formerly  at  the 
head  of  the  Land  Department  of  the  Illinois  Central 

R.  R.  Co.,  and  a  geologist  of  large  experience,  has 
2* 


published  much  valuable  information  respecting  the 
Block  Coal  of  Indiana,  from  which  a  few  interesting 
particulars  will  be  stated  here.  He  thus  describes  it: 

“  The  term  ‘  block/  as  applied  to  coal  of  this  de¬ 
scription,  is  a  provincialism  which  originated  dn  the 
Mahoning  Valley,  Ohio,  and  which  has  been  trans¬ 
planted  to  Indiana ;  but  it  has  become  too  firmly  rooted 
to  be  eradicated,  and  therefore  it  must  be  incorporated 
as  a  legitimate  word  into  the  geological  vocabulary. 
Throughout  its  whole  range  this  constant  character 
appertains  to  it,  and  that  is  a  system  of  joints  which 
traverses  the  whole  mass,  and  which  appears  to  have 
been  formed  after  the  deposition  of  the  materials  which 
now  enter  into  the  coal.  It  is  apparently  due  to  a 
force  which  acted  independently  of  that  of  consolidation. 
Where  a  considerable  area  is  laid  bare,  the  surface 
resembles  a  tesselated  pavement,  and  when  viewed  in 
a  section,  the  appearance  is  as  though  block  upon 
block,  each  of  uniform  size,  had  been  artificially  piled 
up.  These  blocks  are  from  one  to  three  feet  in  length, 
and  a  foot  or  more  in  width,  and  the  miner,  availing 
himself  of  the  natural  divisions,  is  able  to  take  down 
the  coal,  after  having  undermined  three  or  four  inches 
at  the  base,  without  a  resort  to  gunpowder.  He  can 
easily  take  down  three  tons  a  day  The  surface  of  the 
joints  is  of  a  dull,  blueish  color,  and  is  often  stained 
white  by  fire-clay,  while  along  the  lines  of  cleavage  is 
seen  a  compacted  mass  of  mineral  charcoal,  so  slightly 
cemented  by  bitumen  as  readily  to  crock  in  handling. 
This  coal  burns  with  a  bright  yellowish  flame,  giving 
off'  little  fulginous  matter ;  it  maintains  its  form  in 
burning,  thus  affording  free  air-passages ;  is  sufficiently 
firm  to  hold  up  the  burden  of  a  furnace;  in  chemical 


19 


composition  it  gives  from  57  to  62  per  cent,  of  fixed 
carbon,  a  small  amount  of  hygrometric  moisture,  and  a 
small  amount  of  ash,  of  a  white  or  gray  color,  indica¬ 
tive  of  the  absence  of  bi-suiphuret  of  iron.  These 
qualities  make  this  coal  highly  prized  as  an  ordinary 
fuel,  such  as  for  grate  purposes,  locomotives,  and  ocean 
navigation,  but  above  all  for  iron  smelting.” 

The  discovery  of  the  qualities  of  Block  Coal  seems 
to  have  been  altogether  accidental. 

“  Six  years  ago,”  writes  Col.  Foster,  “  Brazil,  Indiana, 
was  an  obscure  station  on  the  Indianapolis  and  Terre 
Haute  Railroad.  A  single  shaft,  ninety  feet  in  depth, 
worked  by  a  horse  whim,  supplied  the  neighborhood 
demand  for  coal.  The  behavior  of  this  coal  in  combus¬ 
tion  excited  no  particular  remark.  A  small  quantity 
found  its  way  to  the  Indianapolis  Rolling  Mill,  where 
it  was  observed  by  some  explorers  from  the  Mahoning 
Valley,  Ohio,  who  recognized  its  similarity,  in  external 
character,  to  the  most  highly-prized  coals  of  Northern 
Ohio,  and  inquired  as  to  the  source  from  which  it  was 
obtained.  Being  informed,  they  at  once  entered  upon 
its  exploration.  Lands  were  leased  or  purchased,  cap¬ 
ital  flowed  in,  an  active  industry  sprang  up.  The 
result  now  is,  that  there  are  six  blast  furnaces  in  oper¬ 
ation,  using  raw  coal  alone,  which  are  capable  of  turn¬ 
ing  out  50,000  tons  of  pig  metal  annually ;  and  more 
than  twenty  collieries,  raising  3,565  tons  of  coal  daily, 
giving  employment  to  nearly  a  thousand  men  and 
freighting  fifteen  railroad  trains.  The  demand  for  this 
peculiar  coal  is  insatiable,  and  far  outstrips  the  mining 
development  or  the  railroad  facilities  for  its  transpor¬ 
tation.” 

The  rapidity  of  this  development  will  be  better 


20 


understood,  when  it  is  stated  that  Pittsburg,  one  of  the 
oldest  and  best  established  seats  of  iron  industry  in 
America,  has  only  seven  blast  furnaces  and  produces 
less  than  50,000  tons  of  pig-iron  a  year. 

In  relation  to  the  future  manufacture  of  iron  in 
Indiana,  Col.  Foster  says : 

u  There  is  no  region  of  the  earth  where  the  ores  of 
iron  are  so  bountifully  distributed,  and  in  such  a  state 
of  purity,  as  on  the  water-shed  between  Lake  Michigan 
and  Lake  Superior,  and  in  the  Iron  Mountain  region 
of  Missouri.  Practically  the  deposits  are  inexhaustible, 
and  so  far  as  relates  to  the  purity  of  the  ores,  the 
chemist’s  art  has  thus  far  failed  to  detect  a  notable 
percentage  of  sulphur,  phosphorus,  titanium,  or  other 
noxious  ingredient. 

“  After  the  opening  of  the  Lake  Superior  Mines  the 
iron-masters  of  Northern  Ohio  and  Western  Pennsyl¬ 
vania  soon  found  that  it  was  more  economical  to  use 
a  pure  and  rich  ore  from  a  distance,  than  a  lean  and  im¬ 
pure  ore  from  the  immediate  vicinity  of  their  furnaces  ; 
and  the  consequence  is,  that  £  the  iron-ore  traffic  of 
Lake  Superior,  within  the  last  ten  years,  has  grown  to 
prodigious  proportions— -the  product  in  1861  being  only  t 
about  54,500  gross  tons,  while  in  the  season  just  closed 
it  reached  nearly  1,000,000  tons.’  The  growth  in  the 
traffic  of  the  Iron  Mountain  ores  of  Missouri  has  been 
also  very  marked.  The  war  of  the  Rebellion  operated 
as  a  check  on  their  mining  ;  but  since  the  peace  the 
traffic  has  been  rapidly  extending,  and  next  year,  I  am 
assured  by  Mr.  Chouteau,  the  product  will  reach 
350,000  tons.  1  Thus,  then,  the  ores  derived  from 
these  two  sources  about  equal,  in  furnace  yield,  the 
entire  product  in  pig  metal  of  the  United  States  for  the 


21 


year  1861  ’ — a  noteworthy  fact  in  the  development  of 
the  iron  industry  of  this  country.  1  Block  Coal  is  the 
cheapest  and  most  available  fuel  in  iron  metallurgy. 
Now,  if  we  consult  a  map  on  which  are  indicated  the 
ore  deposits  and  the  deposits  of  fossil  fuel,  as  well  as 
the  several  routes  of  transportation,  both  natural  and 
artificial,  we  shall  find  that  bringing  the  iron  ores  and 
the  coal  together,  for  the  manufacture  of  iron,  can  be 
effected  more  cheaply  within  the  outline  of  the  Block 
Coal  region  of  Indiana  than  at  any  other  point.’ 

“  It  should  be  borne  in  mind,  too,  that  there  is  a 
market  on  the  western  slope  of  the  Mississippi  Valley 
for  all  the  iron  and  steel  which  can  be  produced  in  the 
coal-field  of  Indiana  for  a  long  time  to  come,  and  she 
is  nearly  five  hundred  miles  nearer  that  market  than 
Pittsburg.  With  the  best  crude  materials  at  command, 
the  iron-master  of  Indiana,  exercising  a  reasonable 
skill,  ought  to  be  able  to  defy  competition.” 

A  circumstance  of  the  highest  importance  to  the 
future  traffic  of  the  Indiana  and  Illinois  Central  Rail¬ 
way  is,  that  each  of  the  states  between  which  its  line 
is  divided,  is  dependent  upon  the  other  for  certain  great 
staples  necessary  to  its  living.  Thus  the  counties  in 
Indiana  are  a  grazing  country  needing  the  corn  of 
Illinois  for  the  fattening  of  their  cattle,  while  those  of 
Illinois  are  a  prairie  country  comparatively  destitute  of 
timber  and  stone  for  building  purposes,  and  of  wood 
and  coal  for  fuel  The  road  will  thus  be  secured  a 
local  interchange  of  products  along  its  line,  correspond¬ 
ing  to  the  interchange  of  coal  and  iron  ores  between 
greater  distances.  It  is  very  seldom  that  the  necessity 
for  so  large  a  traffic  of  this  nature  exists  within  so  short 
a  space  as  150  miles. 


22 


The  quantity  of  Block  Coal  lying  directly  upon  the 
line  is  practically  inexhaustible.  Professor  Cox  states? 
in  a  letter  already  quoted,  the  whole  of  which  will  be 
found  in  a  later  part  of  this  document,  that  “  there  will 
be  available,  by  running  switches  to  the  distance  of  one 
mile  on  each  side  of  the  road,  about  9,600  acres  of  Block 
Coal  lands  (equal  to  15  square  miles),  which  contain 
138,814,400  tons,  worth,  at  $2.25  per  ton  (the  present 
price  of  this  coal  at  the  mine),  the  enormous  sum  of 
$301,084,800.  The  average  combined  thickness  of 
the  Block  Coal  beds  on  your  road  may  be  estimated 
at  eight  feet ;  this  will  give,  on  one  acre,  13,939  tons, 
worth,  at  the  price  stated,  $31,363.” 

Among  the  assets  of  the  Company,  as  will  be  here¬ 
after  stated  in  its  proper  connection,  are  about  2,000 
acres  of  Block  Coal  lands,  situated  chiefly  in  Parke  and 
Clay  Counties. 

E.  C.  Garlick,  Esq.,  proprietor  of  the  Brazil  Iron 
Works,  in  the  letter  before  quoted,  and  whose  experience 
as  an  iron-master  is  of  much  value  in  this  connection, 
writes  as  follows  :  “  The  great  feature  of  the  Eastern  di¬ 
vision  of  your  road  will  be  its  connection  with  the  Block 
Coal  field  This  is  at  once  the  most  valuable  and  im¬ 
portant  deposit  of  bituminous  coal  yet  discovered  in 
this  country.  The  mines  near  Brazil  have  been  in 
operation  but  little  more  than  a  year  (the  letter  is 
dated  July  18th,  1871),  and  during  the  past  winter  the 
Terre  Haute,  Vandalia  and  St.  Louis,  Illinois  Central, 
Indianapolis  and  St.  Louis,  Peru  and  Indiana  Central 
Roads,  could  not  supply  cars  enough  to  meet  the  demand 
or  take  the  quantity  that  could  have  been  mined.  I 
am  certain  that  the  coal  on  the  line,  together  with  that 
to  be  reached  to  the  South  of  it,  will,  within  two  j^ears 


28 


from  its  completion,  pay  the  operating  expenses 
of  the  whole  line.  From  an  experience  of  about 
two  years,  during  which  time  I  have  used  this 
coal  in  the  manufacture  of  pig-iron  at  Brazil,  I  have 
found  that  an  article  could  be  produced  from 
either  Lake  Superior  or  Iron  Mountain  ores,  superior 
to  that  made  at  either  place  with  charcoal,  and 
the  quantity  required  to  produce  a  ton  of  2,268  lbs. 
was  4,000  lbs.  for  the  entire  blast,  [t  is  used  raw, 
directly  from  the  mine,  and  in  its  effect  upon  the  iron, 
resembles  peat  charcoal  (the  best  fuel  knowu  for  the 
manufacture  of  iron)  more  than  anything  else. 

The  receipts  of  the  Terre  Haute  and  Vandalia  road 
last  winter,  from  the  hauling  of  coal  from  November 
to  February,  were  $280,000,  and  might  have  been 
increased,  with  additional  equipment.  There  are  fur¬ 
naces  and  a  rolling  mill  at  Brazil,  belonging  to  the 
same  corporation  as  the  rolling  mill  at  Decatur.  These 
works  will  furnish  twelve  to  fifteen  cars  per  day  from 
that  point  to  Decatur.” 

The  Hon.  John  R.  Elder,  President  of  the  Indian¬ 
apolis  Water  Works,  in  a  letter  of  nearly  the  same  date 
as  that  last  quoted,  writes : 

“  The  great  business  of  your  road  will  be  the  coal 
trade.  It  is  fair  to  estimate  that  the  average  consump¬ 
tion  of  each  family  is  a  car  gf  coal  during  the  year.  If 
you  estimate  the  number  of  families  in  the  prairie 
country  West  of  the  Wabash,  on  and  near  the  line  of 
your  road,  that  will  look  to  it  to  supply  them  with  fuel, 
you  will  see  the  business  this  one  item  will  yield,  to 
say  nothing  of  the  amount  required  for  railroads,  manu¬ 
factories,  and  iron  workers.  At  a  moderate  estimate, 
from  300  to  400  cars  of  Block  Coal  are  now  taken  out 


24 


daily  in  the  great  Block  Coal  field  from  Carbon  to 
Brazil,  of  which  at  least  75  per  cent,  goes  to  Chicago 
and  the  Northwest.  The  value  of  this  Block  Coal  for 
family  fuel,  for  railroads,  and  for  the  manufacture  of 
iron,  is  only  beginning  to  be  appreciated ;  and  its  con¬ 
sumption  will  increase  faster  than  facilities  for  trans¬ 
portation  can  be  furnished.  The  Block  Coal  in  this 
field  is  inexhaustible ;  20  cars  a  day  is  a  fair  yield  for 
a  well-worked  mine,  and  every  80  acres  of  land  in  the 
coal  belt  has  coal  enough  to  keep  a  mine  running  for  80 
years.  If  your  road  can  furnish  transportation  for  this 
coal,  it  will  give  it  at  once  as  much  business  as  old  and 
long-established  lines  of  road  have,  and  this  business 
will  increase  faster  than  you  can  furnish  means  of 
transportation.  Your  road  runs  over  very  tine  quality 
of  bituminous  coal,  and  this  great  bed  of  Block  Coal  is 
within  easy  reach  of  it  by  switches. 

In  conclusion,  I  will  say,  that  I  have  always  con¬ 
sidered  your  road  the  best  unbuilt  line  in  the  State. 
Being  as  short  and  direct  to  St.  Louis  as  any  other,  it 
has  the  great  advantage  of  leading  directly  from  the 
Eastern  cities  to  that  large  territory  lying  between  the 
Chicago  and  St.  Louis  routes,  and  is  on  the  direct  line 
of  emigration.  It  cannot  help  but  be  one  of  the  great 
trunk  lines  for  travel.” 

OTHER  MINERALS. 

Besides  Block  Coal,  there  is  an  abundance  of  other 
bituminous  coals,  suitable  for  fuel  and  for  manufactur¬ 
ing  purposes,  and  some  of  them  well  adapted  to  the 
manufacture  of  illuminating  gas.  Seams  of  this  charac¬ 
ter,  and  of  large  extent,  are  to  be  found  both  in  Parke 


25 


and  ‘Vermillion  Counties.  For  domestic  use  on  the 
Illinois  portion  of  the  line,  where  fuel  is  wanting,  this 
coal  will  be  in  constant  and  large  demand. 

Limestone,  suitable  for  fluxing  iron  ores,  is  also 
abundant  on  the  line.  Sandstone,  suitable  for  building- 
purposes,  is  found  in  large  quantities,  and  of  the  finest 
quality,  in  Parke  County,  where  it  assumes  every  shade 
of  color  from  pure  white  to  red  and  dark  brown.  This 
stone  resembles  the  soft  sandstones  of  France,  which 
are  so  generally  used  in  Paris  for  building  purposes. 
When  first  quarried  it  is  soft  and  easily  wrought,  but 
by  exposure  to  the  air  it  becomes  as  hard  and  durable 
as  limestone. 

A  very  fine  white  sandstone,  suitable  for  the  manu¬ 
facture  of  the  best  qualities  of  glass,  has  been  found 
near  Roseville,  10  miles  southerly  of  Montezeuma,  on 
the  line  of  the  Raccoon  Valley  road.  It  has  already 
come  into  nearly  exclusive  use  at  the  glass  works  at 
Indianapolis  and  Terre  Haute.  It  will  be  in  demand 
at  Indianapolis  and  at  all  points  along  the  line. 

Fire  clay,  suitable  for  the  manufacture  of  stone 
ware  and  porcelain,  is  found  abundantly  both  in  Parke 
and  Vermillion  Counties.  It  has,  for  many  years,  been 
carried  thence  to  Toledo,  and  other  Lake  Cities,  by  the 
line  of  the  Wabash  and  Erie  Canal. 

Iron  ores  yielding  from  35  to  40  per  cent ,  are  also 
found  in  Parke  County,  and  will  be  valuable  to  mix 
with  the  finer,  but  more  costly,  ores  of  Lake  Superior 
and  Missouri. 


3 


26 


PROBABLE  TRAFFIC  OF  THE  ROAD. 

While  it  is  easy  to  point  to  the  elements  of  future 
business,  and  to  show  that  they  give  abundant  promise 
of  a  satisfactory  revenue,  it  is  not  possible  to  estimate 
the  precise  sources  and  details  of  that  revenue.  Such 
figures  are  often  given  in  the  prospective  statements 
of  unfinished  roads ;  but  they  are  entitled  to  very  little 
confidence.  The  investor  in  the  bonds  of  such  a  road 
will  judge  of  its  business  prospects  precisely  as  the  sub¬ 
scriber  to  its  stock..  The  former  will  need  to  satisfy  him¬ 
self  that  the  interest  and  principal  of  the  bond  is  made 
secure  beyond  any  probable  contingency,  and  the  latter, 
that  over  and  above  operating  expenses,  maintenance, 
and  interest,  there  is  a  reasonable  certainty  of  profit 
on  his  investment.  Each  will  look  to  all  the  surround¬ 
ing  circumstances  to  satisfy  himself  on  these  points. 
If  the  road  runs  through  a  country  which  has,  or 
promises  to  have,  products  to  be  transported,  in  such 
quantities,  and  at  such  rates  as  to  ensure  a  remunerative 
traffic;  if  it  is  honestly  and  prudently  built — especially 
if  it  is  built  for  cash;  if  it  is  in  the  hands  of  competent 
managers,  who  can  be  trusted  to  honestly  receive  and 
honestly  account  for  its  earnings ;  if  all  these  conditions 
are  satisfied,  then  it  will  be  safe  to  expect  such  results 
from  its  operations,  as  have  been  realized  by  other 
roads,  similarly  situated,  in  the  same  locality,  and 
operated  under  like  conditions. 

An  examination  of  Poor’s  valuable  Railroad  Manual 
of  the  United  States,  for  1872-3,  gives  the  following  as 
the  gross  earnings,  per  mile,  of  several  railways  running 
through  Indiana  and  Illinois,  in  an  Easterly  and 


27 


Westerly  direction,  and  near  to  the  line  of  the  Indiana 
and  Illinois  Central : 

Terre  Haute  and  Indianapolis,  Gross  Earnings, 

average  of  8  years,  (1868  to 
71),  on  85  miles,  -  $13,400  a  mile 

Indianapolis  and  St.  Louis,  72 

miles,  (1871),  -  -  -  9,325  “ 

Toledo,  Wabash  and  Western, 

328  miles,  (1871),  -  -  -  17,500  “ 

There  is  no  reason  why  the  Indiana  and  Illinois 
Central  should  not,  at  an  early  day,  earn  as  much  per 
mile  as  either  of  the  above  roads ;  but  it  is  not,  of 
course,  anticipated  that  it  will  do  so  immediately  upon 
its  completion.  Its  natural  conditions  are  quite  as 
favorable  as  those  of  either  of  the  others  ;  and,  indeed, 
more  favorable  than  the  two  first  named,  which  are 
rival  roads,  beginning  and  ending  in  the  same  cities, 
and  at  their  widest  points  of  divergence,  not  more  than 
seven  miles  apart.  This  road,  on  the  contrary,  runs 
through  a  belt  of  country  averaging  15  miles  in  width 
on  each  side  of  its  track,  with  no  rival,  pursuing  an 
East  and  West  direction,  in  that  territory ;  the  lands 
are  more  productive  than  between  Indianapolis  and 
Terra  Haute,  the  coal  deposits  are  equally  rich  and 
accessible,  the  markets  are  as  near  and  more  extensive, 
and  the  terminal  connections  open  to  it  quite  as  valua¬ 
ble  in  respect  of  through  business.  Upon  this  point, 
the  attention  of  the  reader  is  particularly  invited  to  the 
opinions  of  gentlemen  of  large  rail  way,  and  other  busi¬ 
ness  experience,  whose  letters  are  to  be  found  in  a  later 
part  of  this  document.  Nearly  all  of  these  state,  with¬ 
out  qualification,  that  the  road  will  do  as  large,  or  a 


28 


larger  business,  than  any  road  entering  Indianapolis  or 
Decatur. 

The  parties  controlling  the  line  of  the  Big  Rac¬ 
coon  valley,  from  Montezeuma  to  Brazil,  intend  to  com¬ 
plete  it  before  the  end  of  the  present  year.  It  will 
form  a  junction  with  the  Indiana  and  Illinois  Central 
on  the  East  bank  of  the  Wabash,  and  its  traffic  will 
cross  the  river  on  the  bridge  of  the  latter  company. 
The  parties  principally  engaged  in  this  enterprise  have 
a  controlling  interest  in  the  Terre  Haute  and  Indian¬ 
apolis,  and  the  Evansville,  Terre  Haute  and  Chicago 
roads ;  the  two  railways  which,  up  to  this  time,  have 
had  the  largest  coal  traffic,  and  which  control  most  of 
the  switches  leading  to  the  mines.  This  road  is  de¬ 
signed  mainly  for  the  carriage  of  coal,  and  it  will  un¬ 
doubtedly  have  a  very  large  business  from  its  opening. 
Of  all  this  business  the  Indiana  and  Illinois  Central 
will  be  the  Western  outlet,  and  as  the  road  will  be 
finished  at  as  early  a  day  as  the  Western  division, 
from  Montezeuma  to  Decatur,  can  be  completed,  the 
latter  will,  for  all  purposes  of  Western  coal  traffic,  be 
in  a  condition  to  be  profitably  operated  before  the 
Eastern  division  is  built.  It  was  with  a  view  to  this 
result,  that  the  building  of  the  Western  division  was 
undertaken  first. 

Under  all  these  conditions,  it  is  not  unreasonable  to 
expect,  that  the  average  gross  earnings  of  the  Indiana 
and  Illinois  Central,  for  the  first  five  years  after  com¬ 
pletion,  will  not  be  less  than  $10,000  a  mile.  As  will 
be  shown  hereafter,  it  will  take  but  $1,800  a  mile  to 
pay  the  interest  on  its  First  Mortgage  Bonds.  * 


29 


•  WORK  ALREADY  DONE  AND  MONEY  EX¬ 
PENDED ,  AND  COST  AND  MEANS 
FOR  COMPLETION . 

Thirty  miles  of  the  road,  through  Douglass  County, 
Illinois,  were  finished  and  opened  in  the  early  part  of 
July,  besides  about  two  miles  of  side  track.  The  work 
has  been  done  in  a  substantial  manner,  and  the  best 
materials  used.  The  iron  is  of  a  very  superior  quality, 
of  English  manufacture,  weighing  56  pounds  to  the 
yard,  laid  with  Pratt’s  Patent  Joints,  and  the  ties  are 
of  white  oak.  It  is  pronounced  by  competent  judges 
equal  to  any  new  road  ever  built  in  the  West.  Ties 
sufficient  to  complete  the  remainder  of  the  Western 
Division  have  been  purchased,  and  delivered  along  the 
line.  The  grading  of  the  rest  of  the  Western  Division 
is  nearly  complete.  The  bridge  across  the  Wabash  at 
Montezeuma,  is  ready  for  the  superstructure.  The 
foundation  of  the  piers  and  abutments  were  laid  several 
years  ago,  and  the  work  was  completed  about  a  year 
since.  The  bridge  will  be  820  feet  in  length,  having 
four  spans  of  165  feet  each,  with  a  pivot  draw  span 
of  158  feet.  The  foundations  are  of  solid  masonry,  and 
were  designed  for  a  superstructure  of  iron.  Under 
the  advice,  however,  of  experienced  engineers,  it  has 
been  decided  to  build  only  so  much  of  the  bridge  of 
iron,  as*  will  secure  the  road  against  an  interruption  of 
traffic  in  case  of  fire. 

Considerable  work  has  been  done  in  the  Eastern 


30 


Division,  in  opening  cuttings  at  the  more  difficult  points, 
and  about  $200,000  expended.  The  construction  of 
this  Division  will  be  more  expensive  than  that  of 
the  portion  in  Illinois,  owing  to  the  fact  that  the 
country  is  crossed  by  numerous  streams;  hut  it  involves# 
no  engineering  difficulties,  and  it  will  be  pressed  forward 
to  completion  as  soon  as  possible,  as  it  will  immediately 
furnish  a  large  and  valuable  local  traffic  in  coal  and 
lumber,  besides  being  indispensable  for  through  business. 

The  amount  expended  on  the  road  before  it  came 
into  the  hands  of  its  present  owners,  was  about 
$750,000.  Since  the  beginning  of  1872,  about  $650,000 
more  has  .been  expended,  making  the  cash  expenditures 
to  this  time  not  less  than  $1,400,000.  Of  the  money 
spent  by  a  former  administration,  about  $600,000  was 
spent  prior  to  1860,  when  the  cost  of  labor  was  only 
half  as  great  as  now,  and  the  same  amount  of  work, 
and  of  results,  could  not  now  be  got  for  a  million^  of 
dollars.  In  addition  to  the  cash  expended,  the  Com¬ 
pany  has  acquired  nearly  the  entire  right  of  way  and 
of  depot  grounds  by  donation.  The  present  value  of 
the  lands  thus  donated  is  not  less  than  $150,000. 

All  the  work  done  under  the  present  management, 
has  been  done  for  cash,  on  contracts  accorded  to  the 
lowest  responsible  bidders,  and  the  iron  and  other 
materials  have  been  bought  for  cash.  The  residue  of 
the  line  will  be  built  in  the  same  manner. 

Careful  estimates  of  the  cost  of  completing  the  line 
were  made  before  the  work  was  resumed  on  the 
Western  Division  last  spring  These  estimates,  which 
included  a  liberal  equipment  for  a  new  road,  amounted 
to  $8,760,510.  The  cost  of  iron  was  assumed  at  $71 
a  ton.  The  large  advance  in  its  price  which  has  since 


31 


taken  place,  if  sustained,  will  add  $300,000  to  this 
item  alone,  and  will  increase  the  cost  of  locomotive 
cars  and  other  materials  in  like  proportion. 


MEANS  FOE  COMPLETION. 

The  Company  is  possessed  of  the  following  assets, 
all  of  which  are  of  the  value  stated,  and  immediately 
available  as  the  work  progresses. 


First  Mortgage  Bonds  unsold,  out  of  an 
issue  of  $3,500,000,  .  .  . 

County,City  and  Town  Bonds,  subscribed 

in  Illinois,* . 

County,  City  and  Town  Subscriptions  in 

cash  in  Indiana, . 

Individual  Cash  Subscriptions,  . 

32J)  00  acres  of  land  at  $10, t  • 

70  city  lots, . 


$3,300,000 

330,000 

229,760 

131,754 

320,000 

30,000 


$4,341,514 


In  addition  to  the  above,  the  Company  has  a  sub¬ 
scription  from  parties  who  now  own  a  controlling 
interest  in  the  property,  which  is  absolute  and  subject 
to  the  call  of  Directors,  from  time  to  time,  as  needed 
for  construction,  to  the  amount  of  $1,000,000.  Of  this 
sum  $500,000  has  been  assessed  and  nearly  all  paid  in, 
a  small  amount  only  remaining  due  on  a  recent  call, 
from  absent  but  perfectly  responsible  parties.  By 


*  Of  this  amount,  $140,000,  subscribed  by  the  County  of  Douglass,  and  by  the  towns  in 
that  county,  were  received  upon  completion  of  the  line  through  the  same. 

t  In  this  estimate,  the  lands  are  put  at  their  value  for  agricultural  purposes  only- 
About  2,000  acres,  however,  have  been  found  to  be  Block  Coal  lands  in  Parke  and  Clay  and 
Owen  Counties,  which  will  eventually  prove  of  great  value,  and  will  be  retained  for  mining 
purposes.  (See  Prof.  Cox’s  estimate  of  the  value  of  such  lands,  on  page  41.) 


32 


the  terms  of  the  subscription,  a  further  amount  of 
$1,000,000  is  subscribed  by  the  same  parties,  contingent 
upon  its  being  needed  to  complete  the  line. 


SECURITY  OF  THE  BONDS. 


The  first  enquiry  which  is  naturally  and  properly 
made  by  the  purchaser  of  bonds,  is  as  to  what  means 
other  than  such  as  will  be  realized  by  a  sale  of  the 
bonds,  have  been  put  into  the  enterprise,  or  are 
pledged  to  it,  and  whether  those  means  are  adequate. 
The  Indiana  and  Illinois  Central  Co.  is  prepared  to 
answer  that  enquiry  unreservedly. 

The  total  issue  of  First  Mortgage  Bonds  is 
$3,500,000. 


Against  -  this,  there  has  already  been  ex¬ 
pended,  ...... 

Remaining  to  be  called  from  subscribers, 
absolutely,  .  .  .  .  . 

Assets,  exclusive  of  Bonds,  as  per  preced¬ 
ing  statement,  (less  $140,000  received 
from  Douglass  County), 


Remaining  to  be  called  from  subscribers 
conditionally,  .  .  .  .  . 


$1,400,000 

500,000 

901,514 

$2,801,514 

1,000,000 


This  statement  makes  no  account  of  the  value  of 
the  right  of  way  and  depot  grounds,  nor  of  coal  lands, 
in  excess  of  $10  an  acre. 

The  company  has  now  no  indebtedness,  except  what 
is  covered  by  assessments  due  from  responsible  parties, 
and  by  the  value  of  materials  on  hand — iron,  ties, 
cars  for  construction  purposes,  &c. 


83 


The  capital  stock  of  the  company  consists  of 
$8,000,000  of  Common  and  $1,500,000  of  Preferred 
Stock. 

Assuming  that  the  earnings  will  be  $10,000  a  mile, 
as  before  estimated,  the  Financial  R  esults  of  a  year’s 
working,  would  be  as  follows: 

Gross  earnings  on  152  miles,  .  .  $1,520,000 

Less  expenses  of  operation  and  main¬ 
tenance,  at  60  per  cent.,  .  .  912,000 

$608,000 

Interest  on  $3,500,000  at  7  per  \ 

cent,  (gold),  .  .  $245,000  (  ^ 

Premium  on  gold  at  12  per  cent.  29,400  ) 

Sinking  Fund,  %  per  cent,  on 

gross  earnings,  .  .  38,000 

- 312,400 

Balance  applicable  to  Dividends,  .  .  $295,600 

THE  BONDS. 

The  Bonds  are  for  $1,000  each ;  they  bear  date 
July  1,  1871,  and  are  payable  in  30  years — July  1,  1901 
— to  the  Union  Trust  Company  of  New  York,  or  bearer, 
in  the  City  of  New  York,  in  Gold  Coin.  The  interest, 
at  7  per  cent,  in  gold,  is  payable  semi-annually,  Janu¬ 
ary  1  and  July  1,  by  coupons,  either  in  the  City  of  New 
York,  or  at  the  Union  Bank  of  London,  London,  at  the 
fixed  exchange  of  £7  stg.  They  may  be  registered  by  the 
holder  on  the  books  of  the  Company  in  New  York,  and 
will  thereafter  pass  only  by  transfer  duly  recorded  on 


*  $274,400  or  $1,800  a  mile. 


34 


said  books;  but  their  transferability  by  delivery  may, 
at  any  time,  be  restored,  by  a  transfer  to  bearer,  regis¬ 
tered  in  the  same  manner.  In  case  any  interest  shall 
be  in  default  for  six  months  after  it  is  demanded,  the 
principal  will  become  due,  and  the  collection  of  it  en¬ 
forced  in  the  manner  provided  in  the  mortgage. 

The  Trust  Deed,  or  Mortgage,  is  made  to  the  Union 
Trust  Company  of  New  York,  and  covers  the  railway 
constructed  and  to  be  constructed,  together  with  all  the 
franchises  of  the  Company,  all  lands  acquired,  or  to  be 
acquired,  for  railway  purposes ;  all  rolling  stock,  and 
other  personal  property,  now  owned,  or  hereafter  to  be 
acquired  for  such  purposes ;  and  all  other  personal 
property  whatsoever,  now  belonging  to  the  Company. 

A  copy  of  the  Trust  Deed  and  Bond,  with  the  cer¬ 
tificates  of  its  registration,  will  be  found  on  subsequent 
pages.  Accompanying  this  document  is  a  certificate 
from  the  recorders  of  all  the  counties  through  which 
the  road  is  located,  both  in  Indiana  and  Illinois,  that 
there  are  no  other  prior  mortgages,  liens,  or  encum¬ 
brances  upon  the  premises  mentioned  in  said  Trust 
Deed  or  Mortgage,  or  which  can  in  any  manner  affect 
the  same,  on  record  in  their  several  offices,  than  said 
Trust  Deed  or  Mortgage,  of  July  1,  187-!,  and  further, 
that  their  offices  are  the  only  offices,  in  said  counties, 
for  the  registration  or  recording  of  deeds,  mortgages, 
and  other  instruments  of  title  to  lands,  lying  in  said 
counties. 


35 


CHARTERS  AND  ORGANIZATION. 

The  Indiana  and  Illinois  Central  Railway  Com¬ 
pany  is  a  consolidated  corporation,  made  up  of  two 
distinct  companies,  organized,  the  one  in  Indiana,  and 
the  other  in  Illinois,  for  the  purpose  of  building  a  con¬ 
tinuous  line  of  railway,  from  Indianapolis  to  Decatur. 

The  Indiana  Company,  which  bore  the  name  by 
which  the  consolidated  corporation  is  now  designated 
was  organized  under  Articles  of  Association,  December 
30,  1852,  in  conformity  with  the  General  Railway 
Laws  of  Indiana.  (See  Acts  of  May  11,  1852;  June 
15,  1852;  June  17,  1852,  February  5,  1852,  January 
20,  1852,  and  February  22,  1853.) 

The  Illinois  Company,  which  bore  the  name  of  the 
“  Decatur  and  Indianapolis  Railroad  Company/’  was 
organized  by  Articles  of  Association,  March  21,  1853; 
under  authority  of  a  special  charter,  (Act  of  February 
8,  1853,  “  To  Incorporate  the  Decatur  and  Indianapolis 
Railroad  Company,”  and  Act  in  amendment  to 
same  of  February  20,  1854,)  and  in  conformity  with 
the  General  Railway  Laws  of  Illinois.  (See  Acts  of 
November  5  and  6,  3  849). 

The  consolidation  of  the  two  companies  was  made 
by  an  agreement  entered  into  between  them  on  the  4th 
May,  1853  ;  the  same  having  been  previously  author¬ 
ized  in  Indiana,  by  General  Laws  in  relation  to  the 
consolidation  of  railway  companies  in  that  State,  with 
other  companies  in  Indiana,  or  in  an  adjoining  State, 
(see  Acts  of  February  23,  and  March  4,  1853),  and  in 
Illinois,  by  the  special  Acts  in  relation  to  the  Decatur 
and  Indianapolis  Railroad  Company  above  referred  to, 
(Acts  of  February  8,  1853,  and  February  20,  1854.) 


86 


The  last  named  statute  recites  and  sanctions  the  con¬ 
solidation  previously  made. 

The  validity  of  the  organization  thus  effected  has 
been  passed  upon,  and  affirmed,  by  the  highest  courts, 
both  of  Indiana  and  Illinois. 

(Signed,)  For  the  Board, 

H.  B.  Hammond, 


New  York,  August,  1872. 


President. 


37 


[ From  the  New  York  “ Engineering  and  Mining  Journal ,”  of  July  2,  1872.] 

INDIANA  BLOCK  COAL  IN  COMPETITION  WITH  RIVAL 

FUELS . 


BY  JOHN  S.  ALEXANDER. 

(Read  at  the  Meeting  of  the  American  Institute  of  Mining  Engineers, 
May  22,  1872.) 

During  the  past  few  years  the  block  coal  of  Indiana 
has  been  talked  about  and  written  upon  to  such  an  ex¬ 
tent,  that  almost  every  one  at  all  interested  in  such 
subjects,  has  been  made  acquainted  with  the  area  and 
geographical  position  of  the  held,  the  quality  and  pecu¬ 
liar  properties  of  the  coal,  the  thickness  of  the  veins,  the 
manner  of  mining,  etc.  The  writer,  therefore,  taking  for 
granted  that  to  those  present  all  this  is  familiar  ground, 
desires  more  especially  to  call  attention  to  the  position 
this  coal  takes  in  the  market,  and  at  those  points  of  con¬ 
sumption  where  it  is  brought  in  direct  competition  with 
rival  fuels. 

Chicago,  thus  far,  has  been  the  chief  consumer  of 
Indiana  block  coal. 

In  the  blast  furnaces,  rolling  mills,  and  Bessemer  steel 
works  recently  erected  in  or  near  Chicago,  an  opportunity 
has  been  offered  to  give  this  new  fuel  a  thorough  and 
severe  test,  and  the  almost  unanimous  opinion  of  all  who 
have  given  it  a  trial  is,  that  it  will  eventually  displace 
Brier  Hill  coal  in  that  market,  as  it  has  been  found 
equally  to  be  relied  upon,  whether  in  the  furnace  or  roll¬ 
ing  mill,  and  can  be  supplied  with  more  regularity  and 
at  a  much  lower  price.  The  greatest  iron  manufacturer 
in  the  West,  after  witnessing  its  behavior  in  the  blast 
furnace,  unhesitatingly  pronounced  it  the  best  iron¬ 
smelting  coal  in  the  United  States.  The  sincerity  of  this 
opinion  is  evidenced  by  the  fact  that  he  is  now  one  of  the 
very  large  consumers  in  Chicago. 


38 


The  old  Carondelet  furnace,  and  the  two  large  furnaces 
of  the  Vulcan  Iron  Works  at  Carondelet,  near  St.  Louis? 
are  now  using  Indiana  block  coal,  one  mining  firm  at 
Brazil  having  a  contract  for  furnishing  these  furnaces 
with  150  tons  per  diem.  The  two  ably  and  successfully- 
managed  furnaces  of  the  Vulcan  Iron  Works  at  Caron¬ 
delet  are  now  producing,  by  the  use  of  block  coal,  pig 
iron  of  a  very  superior  quality,  equal  to  any  manufac¬ 
tured  in  the  United  States,  for  Bessemer  steel  purposes. 
The  yield  of  these  furnaces  is  very  large,  the  writer  hav¬ 
ing  seen  an  eight- hour  cast  made  at  furnace  No.  2  which 
reached  18  tons,  and  the  product  of  this  furnace  for  the 
twenty-four  hours  preceding  his  visit  was  reported  by  the 
Superintendent,  Mr.  J.  P.  Withrow,  to  have  been  47  tons 
of  No.  1  foundry  pig;  this  large  yield  being  due,  of 
course,  to  the  use  of  66  per  cent.  Iron  Mountain  ore. 

The  live  successfully-operated  furnaces  at  or  near 
Brazil,  and  the  one  at  Terre  Haute,  add  their  testimony 
to  the  favorable  reputation  Indiana  block  coal  has 
acquired  as  a  reducing  agent,  at  Chicago  and  St.  Louis. 

In  the  different  rolling-mills,  located  at  Indianapolis, 
ind.,  Decatur  and  Chicago,  Ill.,  the  puddlers  who  have 
tried  it,  all  pronounce  themselves  better  pleased  with 
Indiana  block  coal  than  any  fuel  they  use,  claiming  that 
the  time  and  labor  expended  is  less  and  the  quality  of 
the  iron  superior.  The  rolling  mills,  of  which  a  large 
number  have  been  erected  throughout  the  West,  are 
among  the  best  customers  the  Brazil  operators  have  upon 
their  books. 

The  statistics  of  the  American  Iron  and  Steel  Asso 
ciation  show  that,  in  1871,  the  mills  of  Illinois  rolled 
40,026  tons  of  rail,  of  which  2,800  tons  were  steel,  and 
re-rolled  51,152  tons,  making  a  total  production  of  91,178 
tons,  which  places  Illinois  .next  to  Pennsylvania  in  the 
manufacture  of  railway  bars. 

Although  the  more  interesting  to  the  scientist,  the 


39 


demand  for  this  coal  for  the  purpose  of  metallurgy  has, 
thus  far,  been  secondary  to  the  requirements  of  railroad 
companies  and  manufacturers,  who  consume  it  largely 
as  a  steam  generator. 

Western  railroad  companies  have,  heretofore,  as  a 
general  thing,  used  wood  in  their  engines,  the  use  of 
which  is  not  only  expensive  upon  the  prairies,  but  com¬ 
pels  long  and  frequent  delays  at  wooding  stations,  and 
besides,  does  not  produce  the  economical  results  which 
follow  the  use  of  coal,  especially  in  moving  freight  trains. 
Many  Illinois  roads,  such  as  the  Illinois  Central,  and  the 
Chicago,  Burlington  Quincy,  traverse  the  region  of  the 
inferior  Illinois  coals,  and  have  largely  made  use  of  the 
sulphurous  coals  mined  along  their  roads — to  the  great 
injury,  however,  of  all  those  parts  of  the  engines  with  / 
which  the  burning  fuel  comes  in  contact.  The  develop¬ 
ment  of  the  Indiana  coal  has  supplied  a  much  needed 
want  in  this  direction,  and  as  rapidly  as  the  change  can 
be  brought  about,  coal-burning  engines  are  displacing 
wood  burners  upon  all  the  important  roads  accessible  to 
this  coal  field,  and  the  block  coal  is  even  driving  the 
inferior  coals  out  of  the  engines  of  many  of  the  Illinois 
roads. 

Mr.  C.  R.  Peddle,  late  General  Superintendent  of  the 
St.  Louis,  Vandalia,  Terre  Haute  and  Indianapolis  Rail¬ 
road,  gave  a  certificate,  which  the  writer  has  seen,  setting 
forth  that  the  entire  length  of  the  Western  division,  from 
Terre  Haute  to  East  St.  Louis,  165  miles,  has  been  run 
without  the  fireman  being  required  to  clean  the  grate 
bars — the  runs  being  accomplished  with  one  tender,  or 
6,000  lbs.  of  block  coal.  The  Jefferson,  Madison  and 
Indianapolis,  the  Indianapolis,  Cincinnati  and  Lafayette, 
the  Michigan  Central,  and  many  other  roads,  have  had 
block  coal  in  use  for  many  years,  and  always  with  most 
satisfactory  results. 

For  use  under  the  boilers  of  saw,  woolen,  and  grist 


40 


mills,  waterworks,  etc.,  this  coal  is  shipped  to  the  large 
Western  towns  in  all  directions,  shipments  being  made 
as  far  North  as  Milwaukee  and  Kalamazoo. 

The  Chicago  Tug  Association  was  induced,  last  season, 
to  give  one-half  its  fuel  contracts  to  a  Brazil  firm,  the 
other  half  being  filled  from  the  vicinity  of  Pittsburg. 
This  season,  however,  of  the  forty -five  tugboats  in  ser¬ 
vice  at  the  port  of  Chicago,  thirty-eight  are  using  block 
coal,  which  is  a  sufficient  evidence  of  the  success  of  the 
experiment.  Many  of  the  large  lake  propellors  are  also 
using  it,  and  so  great  has  this  lake  trade  become,  that 
the  Illinois  Central  Railroad  Company  has  appropriated 
extensive  docks  for  its  accommodation.  The  facilities 
thus  afforded  for  the  transfer  from  car  to  vessel,  and  the 
low  rates  offered  by  returning  ore  craft,  have  induced 
some  block  coal  shippers  to  seek  a  market  among  the 
blast  furnaces  of  the  Lake  Superior  iron  region. 

In  conclusion,  it  is  safe  to  make  the  statement  that 
during  the  five  or  six  years  Indiana  block  coal  has 
claimed  the  attention  of  consumers  in  the  great  West,  no 
matter  to  what  use  it  has  been  applied,  it  has  never  failed 
in  a  fair  trial  to  fulfill  all  the  requirements  of  a  first-class 
fuel,  but  on  the  contrary,  in  every  case  within  the  knowl¬ 
edge  of  the  writer,  it  has  far  exceeded  the  most  sanguine 
expectations. 


41 


♦ 


LETTERS  FROM  PROMINENT  CITIZENS  OF 
INDIANA  AND  ILLINOIS ,  IN  RELATION  TO  THE 
ROUTE  OF  TEEL  $  I.  C.  RAILWAY, \  AND  ITS  PROS¬ 
PECTS  AND  DUSINESS. 


[From  Professor  E.  T.  Cox,  State  Geologist  of  Indiana.] 

Office  of  State  Geologist, 
Indianapolis,  III.,  July  18,  1871. 
Mr.  II.  B.  Hammond, 

President  Indiana  and  Illinois  Central  Railway  Co. 

Dear  Sir  : — In  regard  to  the  country  through  which 
your  road  passes,  I  can  say  that  for  agricultural  pur¬ 
poses  it  is  unsurpassed  by  any  other  district  in  the 
State.  Good  farms  are  opened  along  the  line,  and  are 
in  a  fine  state  of  cultivation.  The  uncultivated  por¬ 
tions  are  heavily  timbered  with  white  oak,  red  oak, 
poplar,  black  walnut,  hickory,  etc.  After  crossing  the 
Little  Raccoon  Creek,  in  Parke  County,  it  enters  the 
great  block  coal  zone  of  Indiana,  which  is  here  from 
five  to  six  miles  wide,  and  contains  at  least  two  seams 
of  coal,  each  of  which  will  average  from  three  to  four 
and  a  half  feet  in  depth;  in  places  they  may  be  worked 
by  entries  driven  in  at  the  outcrop ;  elsewhere  by 
shallow  shafts.  The  importance  of  this  coal  to  com- 
4* 


42 


merce  will  be  fully  understood  when  I  assure  you  that 
it  is  tk^w  looked  upon  as  the  best  coal  in  the  country 
for  smelting  or  working  iron  and  steel  in  all  the  various 
departments  of  its  manufacture. 

The  pig-iron  made  with  raw  block  coal  is  in  every 
respect  equal  to  charcoal  iron  made  from  the  same  ore. 
It  contains  a  large  amount  of  combined  carbon,  and,  on 
account  of  its  freedom  from  sulphur  and  phosphorus,  is 
just  the  quality  of  pig  required  to  make  Bessemer  steel. 

In  its  physical  structure  the  block  coal  differs  some¬ 
what  from  all  other  known  non-caking  coals  in  the 
world,  and  is  the  only  coal  of  which  it  may  be  truly 
said  that,  in  all  the  departments  of  the  metallurgy  of 
iron  and  steel,  the  product  is  fully  equal  to  that 
obtained  by  the  use  of  charcoal. 

For  locomotive  use  this  coal  gives  universal  satis¬ 
faction,  and  is,  in  fact,  as  good  as  wood.  Being  an 
open,  free-burning  coal,  the  exposed  parts  of  the  boiler 
receive  a  uniform  heat,  and  the  leaks  caused  by 
unequal  expansion  when  caking  coals  are  used  are 
avoided.  As  it  is  free  from  sulphur  no  deleterious 
action  is  produced  on  the  boiler-plates  or  fire-boxes,  no 
clinkers  are  formed,  and  it  burns  completely  to  a  white 
ash. 

After  passing  Rockville  in  Parke  County,  the 
Western  coal  zone  is  reached.  In  this  portion  of  the 
coal  field  the  coal  beds  range  from  four  to  seven  feet 
in  thickness,  and  the  belt  is  from  twelve  to  fifteen 
miles  in  width.  So  far  as  known,  all  the  coals  in  this 
zone  are  caking  coals,  with  the  single  exception  of  a 
seam  in  Vermillion  County,  Indiana,  near  the  line  of 
your  road;  here  there  is  a  bed  of  coal  seven  feet 
thick,  which  contains  a  thin  parting  of  fire  clay.  The 


43 


upper  part  of  this  bed  is  caking  coal,  and  the  lower, 
two  and  a  half  to  three  feet,  is  good  block  coal.  The 
caking  coals  along  the  line  of  the  Indiana  and  Illinois 
Central  Railroad  are  well  suited  for  general  use,  and 
it  is  my  opinion  that  at  some  localities  they  will  be 
found  adapted  to  the  manufacture  of  illuminating  gas. 
The  average  combined  thickness  of  the  block  coal  beds 
on  your  road  may  be  estimated  at  eight  feet ;  this  will 
give,  on  one  acre,  13,939  tons,  worth,  at  $2.25  per  ton, 
(the  present  price  of  this  coal  at  the  mine),  $31,363. 

There  will  be  available,  by  running  switches  to  the 
distance  of  one  mile  on  each  side  of  the  road,  about 
9,600  acres  of  block  coal  lands,  which  contain  133,814,- 
400  tons,  worth,  at  $2.25  per  ton,  the  enormous  sum 
of  $301,084,800.  The  quantity  of  caking  coal  avail¬ 
able  to  your  road  will,  of  course,  be  much  greater,  but 
the  market  for  the  latter  is  not  nearly  so  good. 

Besides  the  coals,  there  is  on  the  line  of  your  road 
limestone  suited  for  fluxing  iron  ores  and  for  building- 
purposes  ;  also  heavy  beds  of  brown  sandstone  that 
will  make  a  handsome  building  stone. 

At  Highland,  just  after  crossing  the  Wabash  River, 
there  is  a  thick  bed  of  white  fire  clay  that  is  of  great 
value  for  manufacturing  terra-cotta  ware  and  stone 
ware.  On  Ore  Creek,  in  Parke  County,  as  well  as  some 
of  the  other  branches  that  are  crossed  by  the  road  in 
this  county,  there  are  valuable  beds  of  earthy  carbonate 
of  iron,  which  will  yield  from  thirty-five  to  forty  per 
cent,  of  iron  in  the  furnace. 

Yours  truly, 

E.  T.  Cox, 

State  Geologist  of  Indiana. 


(Signed) 


44 


[ From  John  R.  Elder,  Esq.,  President  of  the  Indianapolis  Water 
Works  Company.  ] 

Indianapolis,  July  17,  1872. 

H.  B.  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co. 

Dear  Sir: — Having  been  over  the  line  of  your 
road  a  number  of  times,  between  this  city  and  Decatjur, 
Illinois,  and  being  acquainted  with  the  country  through 
which  it  passes,  it  affords  me  pleasure  to  assure  you 
that  there  is  no  railroad  leading  from  this  city  that 
runs  through  as  fine  a  country,  or  a  country  that  will 
contribute  as  large  a  business  for  a  railroad,  both  in 
freight  and  passengers,  as  your  road.  Along  the  entire 
line,  from  this  city  to  the  Wabash  River,  the  country 
is  thickly  settled,  the  lands  in  a  fine  state  of  cultiva¬ 
tion,  the  soil  rich  and  productive,  the  improvements 
substantial  and  good,  and  the  citizens  enterprising  and 
energetic.  Along  this  part  of  the  line  is  a  belt  of  most 
valuable  timber,  that  will  at  once  contribute  a  large 
business  to  the  road,  and  being  the  Blue  Grass  region 
of  the  state,  large  quantities  of  cattle  and  hogs  are 
raised  every  year  for  the  Eastern  markets.  On  this 
part  of  the  line  are  inexhaustible  quantities  of  valuable 
building  stone,  coal,  fire  and  potters’  clays,  and  as  your 
road  crosses  a  number  of  streams  affording  abundance 
of  water,  I  can  see  no  reason  why  extensive  manufactur¬ 
ing  establishments  and  manufacturing  towns  will  not 
be  built  up  on  its  line  to  great  advantage. 

There  is  no  part  of  Illinois  that  has  richer  land,  or 
will  contribute  more  local  business  to  a  railroad,  than 
on  your  line  from  the  Wabash  River  to  Decatur. 

Your  line  of  road  has  long  been  a  favorite  one  to 
most  of  our  citizens,  as  they  believe  its  construction 


45 


will  be  a  good  and  paying  investment  to  the  Company, 
and  contribute  largely  to  the  business  of  the  city. 
You  have  my  earnest  wishes  for  its  speedy  completion. 
Yours  most  respectfully, 

John  R.  Elder, 

Prest.  Water  Works  Co. 


[From.  Hon.  William  Henderson,  President  of  the  Indianapolis  Insur¬ 
ance  Company .] 

Indianapolis,  17th  July,  1872. 

H.  B.  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co. 

Dear  Sir  : — I  take  pleasure  in  replying  to  yours  of 
yesterday,  to  state  that  I  have  been  familiar  with  the 
most  of  the  country  on  the  line  of  your  road  for  over 
twenty  years,  and  regard  it  as  fully  equal,  in  every 
regard,  to  any  lines  occupied  by  roads  now  built  in 
Indiana.  Many  of  them  have  paid  and  are  now  paying 
well  on  their  cost,  and  I  see  no  reason  to  doubt  but  this 
will  pay  as  well  as  any  of  them.  It  passes  through  a 
tier  of  counties,  both  in  Indiana  and  Illinois,  of  ‘superb 
fertility,  densely  settled,  and  abounding  with  all  the 
rich  productions  of  the  West. 

I  know  of  no  better  timbered  country  than  that 
along  your  road  in  the  State.  In  Parke  County  it 
crosses  the  celebrated  block  coal  fields,  and  is  therefore 
favorably  situated  for  a  profitable  business  in  conveying 
coal.  It  is  my  judgment  that  you  can  rely  with  con¬ 
fidence  on  a  business,  from  the  beginning,  that  will  pay 
a  fair  return  on  the  cost  of  the  road. 

Yours  truly, 


W.  Henderson,  Prest. 


46 


[ From  Hon.  Thomas  A.  Hendricks,  late  United  States  Senator  from 
j  Indiana.'] 

Indianapolis,  July  18,  1872. 

H.  B.  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co. 

Dear  Sir  : — The  road  which  your  Company  is 
engaged  in  building  will  run  through  a  country  of  very 
great  resources,  and  will  command  a  business  equal  to 
any  road  entering  this  city,  if  properly  managed.  In 
this  I  speak  of  the  business  between  its  termini.  Of  its 
Western  connections  I  am  not  sufficiently  informed  to 
enable  me  to  speak  of  their  influence  upon  its  business. 
The  enterprise  is  of  great  importance  to  our  section, 
and  I  hope  you  will  be  entirely  successful.  The  coal 
fields  which  you  cross  on  a  most  favorable  line  will 
certainly  contribute  much  to  the  freightage. 

Very  respectfully, 

T.  A.  Hendricks. 


[ From  Thomas  H.  Sharpe,  Esq.,  Banker,  Indianapolis.] 

♦ 

Indianapolis,  July  19,  1872. 

H.  B.  Hammond,  Esq.,  President. 

Dear  Sir  : — The  Indiana  and  Illinois  Central  Rail¬ 
way  has  now  assumed  a  position  that  insures  its  early 
completion  from  Indianapolis  to  Decatur,  Ill.  This 
railway  line  has  long  been  considered  by  the  wisest  and 
most  prudent  citizens  of  Central  Indiana  and  Illinois 
as  most  inviting  for  safe  investment,  passing,  as  it  does, 
through  Marion,  Hendricks,  Putnam,  Parke,  and  Ver¬ 
million  Counties,  Indiana,  rich  in  soil,  rich  in  coal,  both 
block  and  bituminous,  largely  abounding  in  our  most 


47 


valuable  timbers,  walnut,  oak,  poplar,  &c.  In  Illinois  it 
passes  through  Edgar,  Douglass,  Pratt,  and  Macon,  coun¬ 
ties  composed  largely  of  the  richest  prairie  lands  of  that 
rich  State.  This  road  extends  151  miles  through  our 
most  productive  Winter  wheat  lands,  with  almost  every 
acre  adapted  to  the  production  of  corn  and  oats  and  all 
varieties  of  vegetables  of  this  latitude,  and  now  furnishing 
immense  numbers  of  hogs,  sheep  and  cattle,  which  will 
be  largely  augmented  as  railroad  facilities  are  furnished. 
I  can  confidently  state  that  I  believe,  that  in  the  right 
hands  and  properly  managed,  it  will  compensate  the 
stockholders  well. 

Respectfully  yours, 

(Signed)  Thos.  H.  Sharpe. 


[From  D.  Ricketts,  Esq.,  President  of  the  Union  Railway  Co .,  and 
Director  and  late  President  of  the  Jeffersonville ,  Madison  and  Indian¬ 
apolis,  and  Director  of  the  Bloomington  and  Western  R.  R.  Cos.'] 

Indianapolis,  July  19,  1872. 

H.  B.  Hammond,  Esq. 

Dear  Sir  : — Having  for  a  great  many  years  been 
familiar  with  the  district  of  country  through  which 
your  road  runs,  I,  with  pleasure,  will  state,  that  no 
district  of  country  in  the  West  is  superior  in  point  of 
fertility  and  variety  of  all  kinds  of  the  valuable  pro¬ 
ducts,  and  none  superior,  and  few  equal,  even  in  dis¬ 
tricts  where  they  have  had  all  the  advantages  of  rail¬ 
road  facilities  for  many  years.  Notwithstanding  this 
district  of  country  has  been  deprived  of  railroad  facili¬ 
ties  running  East  and  West,  I  think  no  road  built,  or 


48 


to  be  built,  leading  from  Indianapolis  in  any  direction, 
will  command  a  larger  amount  of  local  traffic,  being, 
after  it  leaves  Indianapolis  a  few  miles  West,  without 
competition  for  that  traffic  by  any  existing  road.  And 
I  can  see  no  reason,  under  judicious  and  able  manage¬ 
ment,  that  it  cannot  successfully  compete  for  the  im¬ 
mense  amount  of  Western  products  destined  for  the 
East  and  the  West. 

Very  respectfully, 

D.  Ricketts, 

President  of  the  Union  Railway  Go. 


[From  Hon.  John  H.  Farcauhar,  Secretary  of  State  of  Indiana .] 

Indianapolis,  July  19,  1872. 

H.  B.  Hammond,  Esq.,  President. 

Dear  Sir  : — Advised  that  you  are  about  taking 
steps  to  secure  the  completion  of  the  Indiana  and 
Illinois  Central  Railway,  it  affords  me  very  great 
pleasure  to  bear  testimony  to  the  importance  of  the 
enterprise,  both  to  the  citizens  of  Indiana  and  Illinois, 
and  the  public  generally.  The  fact  that  it  runs  through 
the  great  coal  fields  of  Indiana  and  the  choicest  and 
most  fertile  lands  of  both  states,  with  termini  East 
and  West,  securing  important  connections,  secure  its 
position  as  a  first-class  road  and  safe  investment  for 
capital. 

Truly  yours, 

J.  H.  Farquhar, 

Secretary  of  State. 


49 


[ From  Theo.  P.  Haughey,  Esq.,  President  of  the  Indianapolis 
National  Bank.'] 

Indianapolis,  July  19,  1872. 

H.  B.  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co. 

Dear  Sir  : — I  take  pleasure  in  adding  my  testimony 
to  others,  that  the  construction  of  your  road  would 
result  in  developing  the  resources  of  as  fine  a  body  of 
land  as  there  is  in  the  State.  It  would,  in  my  opinion, 
contribute  more  to  the  business  of  this  city,  than  any 
road  now  built.  I  think  there  can  be  no  doubt  that 
when  the  road  is  finished,  well  stocked,  and  in  good 
running  order,  it  will  do  as  large  business  as  any  of  our 
roads,  and  should  pay  a  good  dividend  on  the  amount 
required  to  build  it.  The  country  through  which  it 
will  run,  is  a  fine  agricultural  district,  and  abounds  with 
coal,  building  material,  poplar  and  walnut  timber.  This 
line  of  road  has  been  freely  canvassed  for  some  time  by 
our  citizens,  and  it  seems  to  be  the  universal  opinion 
that  it  should  be  built,  and  when  completed  will  be  a 
success. 

Yours  truly, 

Theo.  P.  Haughey, 

Prest.  Indianapolis  Nat.  Bank. 


[From  Woollen,  Webb  &  Co.,  Bankers ,  Indianapolis.] 

Indianapolis,  Ind.,  July  15,  1872. 
H.  B.  Hammond,  Esq. 

Dear  Sir  : — From  our  knowledge  of  the  country 
traversed  by  the  line  of  the  Indiana  and  Illinois 

Central  Railway,  we  feel  justified  in  saying  that  in 
5 


50 


point  of  fertility,  population,  and  wealth,  it  is  not  sur¬ 
passed  by  any  region  of  equal  extent  in  the  states  of 
Indiana  and  Illinois,  if  in  the  West.  The  whole  extent 
is  thickly  settled  and  produces  in  abundance  the  agri¬ 
cultural  staples  of  this  latitude.  Near  the  Wabash 
liiver  it  passes  over  the  Indiana  coal  fields,  abounding 
in  both  block  and  bituminous  coal,  and  in  addition  to 
this,  valuable  timber  in  abundance  is  standing  on  the 
line  of  your  road. 

Judged  by  the  result  that  other  roads  have  attained 
in  locations  not  so  favorable  as  yours,  we  think  that 
this  road,  if  properly  built  and  prudently  managed,  will 
pay  a  fair  return  on  its  cost. 

Very  respectfully, 

Woollen,  Webb  &  Co. 


[From  Hon.  C.  Y.  Patterson,  Judge  of  the  Circuit  Court  of  Indiana , 
and  Director  in  the  Evansville ,  Terre  Haute  and  Chicago  R.  i?.] 

Terre  Haute,  Ind.,  July  2,  1872. 

H.  B.  H  AMMOND,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co . 

My  Dear  Sir  : — I  am  very  familiar  with  the  whole 
line  of  country  through  which  your  road  will  pass, 
having  passed  over  it  often,  besides,  you  will  go 
through  two  of  the  counties  in  my  judicial  district. 

I  have  no  hesitation  in  stating  that  your  road  when 
completed  will  pass  over  the  best  unoccupied  territory 
in  Indiana  and  Illinois.  The  belt  of  land  through 
which  it  runs  is  regarded  as  the  most  fertile  in  the 


51 


West.  The  soil  is  rich,  timber  in  abundance,  coal  in 
large  quantities  in  Parke  and  Vermillion  Counties, 
large  fields  of  fire-clay  for  making  brick  to  line  iron 
blast  furnaces,  and  plenty  of  stone  along  the  line. 

I  believe  that  the  local  business,  when  developed, 
on  your  road,  will  pay  you  a  handsome  dividend 
without  reference  to  through  business. 

Very  truly,  etc., 

C.  Y.  Patterson, 
Judge  Terre  Haute  District. 


[From  Josephus  Collett,  Esq.,  President  of  the  Evansville ,  Terre 
Haute  and  Chicago  R.  R.,  and  Director  of  the  St.  Louis, 

Vandalia  and  Terre  Haute  R.  R.'] 

Terre  Haute,  Ind.,  July  2,  1872. 

H.  B  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railwojy. 

Dear  Sir  : — I  am  familiar  with  the  country  through 
which  the  line  of  the  Indiana  and  Illinois  Central  Rail¬ 
way  passes,  and  I  do  not  hesitate  to  say,  that  it  is  unsur¬ 
passed  in  fertility  and  wealth  by  any  other  portion  of 
the  States  of  Indiana  and  Illinois'. 

I  can  see  no  reason  why  your  road,  running  as  it 
does  from  Indianapolis  directly  West  to  Decatur,  an 
important  railroad  centre  of  Illinois,  shall  not  prove  to  be 
one  of  the  most  important  and  profitable  lines  in  the 
West. 

Respectfully, 

J.  Collett, 

Prest.  Evansville ,  Terre  Haute  6f  Chicago  Railway. 


52 


[ From  Hon.  R,  J.  Oglesby,  late  Governor  of  the  State  of  Illinois .] 

Decatur,  Ill.,  July  16,  1872. 

H.  B.  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co. 

Mr  Dear  Sir: — The  progress  made  toward  the 
completion  of  the  Indiana  and  Illinois  Central  Railway 
since  its  management  has  fallen  into  the  hands  of  a  new 
Company,  assures  the  friends  of  the  project  that  the 
day  is  not  far  distant  when  we  shall  welcome  the  com¬ 
pletion  of  it  from  Indianapolis  to  Decatur.  Our  people 
are  deeply  interested  in  this  great  but  long  neglected 
enterprise,  one  so  essential  to  our  prosperity  and  that 
of  a  large  and  wealthy  population  occupying  the  centre 
of  the  richest  agricultural  district  in  our  State.  We 
know  it  will  prove,  when  completed,  one  of  the  best 
and  most  desirable  and  profitable  roads  in  the  State  of 
Illinois.  Then  let  us  have  it — have  it  at  an  early  day 
— this  year,  if  possible — and  you  will  see  that  it  will 
realize  all  that  has  ever  been  predicted  of  it. 

Very  respectfully  yours, 

R.  J.  Oglesby. 


[From  Charles  Ridgely,  Esq.,  Prest.  of  the  Ridgely  Iron  Works,  and 
Vice-Prest.  of  the  Ridgely  National  Bank,  Springfield ,  ///.] 

Springfield,  Ill,  July  17,  1872 

H.  B.  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co. 
Tuscola. 

Dear  Sir  : — I  am  informed  that  you  have  complet¬ 
ed  your  road  through  the  County  of  Douglass,  and  that 
you  have  arranged  to  place  the  whole  of  the  remaining 


53 


part  of  the  line  under  contract,  so  as  to  have  it  finished 
and  running  before  the  close  of  the  year.  Allow  me  to 
congratulate  you  on  your  success  in  getting  the  under¬ 
taking  into  so  good  a  shape,  and  to  express  the  hope 
that  you  may  realize  all  of  your  reasonable  expectations 
in  regard  to  it.  I  have  always  thought  that  there  was 
much  in  the  enterprise  to  commend  itself  to  the  atten¬ 
tion  of  railroad  men  The  road  runs  East  and  West, 
through  the  central  belt  of  counties  which  are  known 
as  among  the  very  richest  and  best  in  Illinois.  It 
makes  a  short  and  direct  route  for  the  grain  and  other 
products  of  the  country,  which  tend  more  and  more  each 
year  to  seek  a  market  at  the  seaboard  without  the  delays 
and  expenses  attendiny  the  Elevator  system  of  Chicago  and 
other  entreports.  It  opens  the  way  to  the  introduction 
of  the  block  coal  into  all  of  the  section  of  country 
traversed  by  it,  as  well  as  that  reached  by  the  Wabash 
and  other  roads  with  which  it  connects  at  Decatur. 
Besides  this  I  think  that  you  may  anticipate  a  very 
heavy  traffic  from  the  hard  wood  lumber,  which  is  so 
plenty  and  cheap  on  the  East  end  of  your  line,  and  so 
scarce  and  high  on  the  prairies  further  West. 

With  the  breadth  of  country  on  each  side  of  your 
line  unoccupied  by  other  lines,  the  local  trade  from 
freight  and  passengers  alone,  should  give  you  a  very 
fair  business  in  a  few  years. 

I  can  but  think  that  the  road  once  built,  would  be 
valuable  to  the  country  through  which  it  runs,  and 
profitable  to  the  stockholders,  and  hence  cannot  refrain 
from  expressing  my  congratulations  as  above. 

Yours  respectfully, 


Chas.  Ridgely. 


54 


[ From,  Hon.  Edward  Hummel,  Secretary  of  the  State  of  Illinois.] 

Secretary’s  Office, 
Springfield,  July  17,  1872. 

H.  B.  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co. 

New  York. 

Dear  Sir:  —  I  learn  with  pleasure  that  you  are 
rapidly  progressing  with  the  construction  of  the  Indiana 
and  Illinois  Central  Railway,  or,  as  it  is  familiarly 
termed,  the  11  Air  line  road,7’  between  the  cities  of 
Decatur  and  Indianapolis.  I  can  do  no  less  than  com¬ 
mend  the  sound  business  judgment  of  yourself  and 
friends,  in  undertaking  the  completion  of  this  old  but 
valuable  project,  for  I  know  of  no  unoccupied  territory 
in  the  country  that  presents  a  greater  combination  of 
inducements  for  a  railroad  enterprise,  than  the  section 
of  country  through  which  this  line  is  projected.  Heart¬ 
ily  wishing  you  the  utmost  success  in  your  undertaking, 
I  am, 

Most  respectfully  yours,  &c., 

Edward  Rummel, 

Secretary  of  State. 


[ From  Peddecord  &  Burrows,  Bankers ,  Decatur ,  III.] 

Decatur,  Ill.,  July  15,  1872. 

H.  B.  Hammond,  Esq. 

President  Indiana  6f  Illinois  Central  Railway  Co. 
New  York. 

Dear  Sir  : — Having  learned  from  our  mutual  friend 
Mr.  J.  K.  Warren,  with  great  satisfaction,  that  rapid 
progress  is  being  made  in  the  construction  of  your  road, 
and  also  that  the  character  of  the  work  is  very  superior, 


55 


we  take  pleasure  in  expressing  to  you,  at  his  request, 
our  opinion  of  the  value  of  the  enterprise  to  the  coun¬ 
try  through  which  it  passes,  and  to  assure  you  that  of 
the  number  of  lines  of  Railway  centering  and  to  center 
here,  in  our  city,  the  advent  of  no  one  of  them  has 
been  looked  for  by  our  people  with  as  deep  an  interest 
as  yours. 

In  regard  to  its  financial  prospects,  when  com¬ 
pleted,  it  ought  certainly  to  be  the  peer  of  any  road  of 
equal  length  in  this  country  that  can  present  sound 
inducements  as  an  investment,  and  in  part,  for  the 
following  reasons : 

First.  It  is  an  almost  due  East  and  West  line 
between  the  centers  of  the  two  great  States  of  Indiana 
and  Illinois. 

Second.  Its  ability  to  command  a  large  share  of 
through  traffic  must  be  the  natural  result  of  its  position. 

Third.  It  traverses  at  equal  lengths,  the  richest 
sections  of  both  States,  which  nothing  can  develop  as 
will  this  Railway. 

And,  lastly,  it  presents  a  valuable  and  peculiar 
feature  of  exchanges  arising  from  the  fact  that  the 
Indiana  part  is  richest  in  the  very  materials  that  we, 
of  Illinois,  stand  most  in  need  of,  while  on  the  other 
hand,  our  Indiana  neighbors  consume  large  quantities 
of  the  cheap  products  of  our  Illinois  section  of  the 
line,  and  which  they  now  import,  in  preference  to  cul¬ 
tivating,  wherever  they  have  reasonable  facilities  for 
so  doing. 

In  a  word,  we  would  consider  this  line,  when  com¬ 
pleted,  one  of  the  most  valuable  Railway  enterprises  of 
its  length  in  the  West. 

Congratulating  you  upon  the  progress  already 


56 


attained,  and  the  flattering  prospects  for  the  completion 
of  the  road  at  an  early  day, 

We  are  very  truly  yours, 

Peddecord  &  Burrows. 


[ From  Hon.  J.  G.  Cannon,  of  Tuscola ,  III.'] 

Tuscola,  Ill.,  July  12,  1872. 

H.  B.  Hammond,  Esq.,  New  York. 

Dear  Sir  : — I  passed  over,  with  excursion  party, 
that  portion  of  the  Indiana  and  Illinois  Central  Rail¬ 
way  that  is  completed  through  this  (Douglass)  County, 
and  it  is  the  opinion  of  every  one,  that  so  far  it  is  the 
best  constructed  new  road  in  the  West.  I  am  glad  to  hear 
that  you  intend  to  push  the  enterprise  to  an  early 
completion.  I  am  well  acquainted  with  the  line  from 
Indianapolis  to  Decatur,  and  the  country  through  which 
it  passes,  and  am  satisfied  that  the  mineral  wealth  of 
the  country  traversed  by  that  portion  of  the  line  in 
Indiana,  is  equal  to  that  of  any  other  section  of  the 
state,  and  I  will  say,  without  fear  of  contradiction,  that 
the  agricultural  resources  of  the  country,  both  in  Indiana 
and  Illinois,  are  not  surpassed,  and  the  same  being 
already  well  developed,  insures  an  immediate  way  busi¬ 
ness  for  your  road,  second  to  none  in  the  West. 

Yours  truly. 

J.  G.  Cannon. 


[From  Hon.  J.  H.  Mooee,  Representative  in  Congress  from  Decatur,  111.] 

Decatur,  July  7,  1872. 

Judge  A.  L.  Roache. 

Dear  Sir  : — It  was  my  pleasure,  a  few  days  since, 


57 


to  pass  over  portions  of  the  Indiana  and  Illinois  Cen¬ 
tral  Railway  now  in  course  of  construction,  and  I  desire 
to  say  to  you,  that  this  road,  from  Indianapolis,  Ind., 
to  Decatur,  Ill.,  passes  over  as  fine  a  section  of  country 
as  can  be  found  in  the  entire  West.  And  the  people 
who  own  these  lands,  through  which  your  road  passes, 
are  not,  for  enterprise  and  industry,  surpassed  by  any 
people  in  this  country.  Your  road  is  destined  to  be¬ 
come  a  great  thoroughfare  for  travel,  and  the  richness 
of  the  country  will  give  it  inexhaustible  products  to 
bear  away  to  the  markets.  Your  enterprise  cannot 
fail,  I  think,  to  secure  the  confidence  of  such  men  as 
are  capable  of  appreciating  its  superior  advantages. 

Yours  truly, 

J.  H.  Moore. 


[ From  J.  S.  Newman,  Esq.,  President  of  the  Merchants’  National  Bank .] 

Indianapolis,  July  18,  1872. 

H.  B.  Hammond,  Esq. 

President  Indiana  &  Illinois  Central  Railway  Co. 

Dear  Sir  : — I  traveled  over  the  line  of  your  railway 
from  Indianapolis  to  Decatur  by  private  conveyance  a 
few  years  ago,  and  can  most  heartily  say  that  for  beauty 
and  perfectness  of  location  it  is  not  excelled  in  any 
country,  and  the  land  is  of  the  most  sightly  and  fertile 
of  the  fertile  West.  The  country  on  the  line  from 
Indianapolis,  west  for  about  seventy  miles,  is  timbered 
land  with  the  very  best  quality  of  timber,  the  index  of 
good  land,  and  lies  in  the  most  attractive  manner. 
West  of  that  to  Decatur,  Ill.,  the  line  passes  through 
one  of  the  most  fertile  and  desirable  prairie  countries  in 


58 


Indiana  and  Illinois,  teeming  with  live  stock  and  agri¬ 
cultural  productions.  The  line  also  passes  for  many 
miles  through  a  fertile  country  underlaid  with  the  best 
qualities  of  the  famous  block  and  other  mineral  coals, 
unrivalled  for  smelting  iron  ores  and  forge  work  in  the 
raw  state.  It  is  very  difficult,  in  a  concise  statement,  to 
do  justice  to  the  very  attractive  and  fertile  country 
through  which  it  passes. 

The  line  is  very  direct,  and  grades  easy  and  almost 
without  curves,  and  the  road  must  earn  handsomely, 
and  do  a  heavy  local  and  through  business,  and  earn 
a  large  income. 

Yours  truly, 


John  S.  Newman. 


COPY  OF  THE  DEED  OF  TRUST  TO  SECURE  ITS  FIRST 
MORTGAGE  BONDS,  GIVEN  BY  THE  INDIANA  AND 
ILLINOIS  CENTRAL  RAILWAY  COMPANY,  TO  THE 
UNION  TRUST  COMPANY  OF  NEW  YORK,  WITH 
CERTIFICATES  OF  THE  RECORDING  OFFICERS 
OF  ALL  THE  COUNTIES  ON  THE  LINE,  THAT 
IT  IS  A  FIRST  LIEN  ON  THE  RAILWAY  AND  FRAN¬ 


CHISES  OF  THE  COMPANY. 


60 


CERTIFICATE  OF  RECORDING  OFFICERS. 


We,  the  undersigned,  Recorders  of  the  following 
Counties  of  the  States'  of  Indiana  and  Illinois,  United 
States  of  America,  duly  elected  or  appointed  and  quali¬ 
fied  as  required  by  law  to  hold  said  offices,  to  wit : 

Dan.  C.  Greenfield,  of  Marion  County,  State  of 
Indiana ;  Wm.  Patterson,  of  Hendricks  County,  State  of 
Indiana  ;  John  Crane,  Jr.,  of  Putnam  County,  State  of 
Indiana ;  Elwood  Hunt,  of  Parke  County,  State  of 
Indiana ;  Robert  E.  Stephens,  of  Vermillion  County, 
State  of  Indiana ;  A.  B.  Powell,  of  Edgar  County,  State 
of  Illinois;  A.  G.  Wallace,  of  Douglass  County,  State 
of  Illinois;  J.  H.  Waggoner,  of  Moultrie  County,  State 
of  Illinois;  W.  T.  Foster,  of  Pyatt  County,  State  of 
Illinois,  and  E.  McClellan,  per  B.  L.  B.,  of  Macon 
County,  State  of  Illinois,  the  several  and  only  counties 
through  which  the  line  of  the  Indiana  and  Illinois  Central 
Railway  passes,  do  hereby  severally  certify ,  each  for 
himself,  that  a  Mortgage  or  Deed  of  Trust  bearing  date 
July  1st,  A.  D.,  1871,  was  duly  recorded  in  our  several 
offices,  on  the  dates  mentioned  in  our  various  certificates 
of  Record  made  and  annexed  to  said  original  Mortgage 
or  Deed  of  Trust,  true  copies  of  which  said  Mortgage  or 
Deed  of  Trust  and  our  said  Certificates  are  hereunto 
annexed.  And  we  do  hereby  further  severally  certify, 
each  for  himself,  that  there  are  no  other  prior  mortgages, 
liens  or  encumbrances  upon  the  premises  mentioned  in 
said  Mortgage  or  Deed  of  Trust,  or  which  can  in  any 
manner  affect  the  same,  of  record  in  our  several  offices, 
than  said  mortgage  or  Deed  of  Trust  which  bears  date 


61 


July  1st,  1871,  now  on  Record  in  this  office,  and  we  do 
hereby  certify ,  each  for  himself,  that  his  office  is  the  only 
office  for  the  Registry  and  Record  of  Deeds,  mortgages 
and  other  instruments  of  title  to  lands  in  our  several 
counties,  in  the  States  of  Indiana  and  Illinois. 

Dan.  C.  Greenfield, 
Recorder  of  Marion  County,  State  of  Indiana. 

William  Patterson, 
Recorder  of  Hendricks  County,  State  of  Indiana. 

John  Crane,  Jr., 

Recorder  of  Putnam  County,  State  of  Indiana. 
Elwood  Hunt, 

Recorder  of  Parke  County,  State  of  Indiana. 
Robt.  E.  Stevens, 

Recorder  of  Vermillion  County,  State  of  Indiana. 
A.  B.  Powell, 

Recorder  of  Edgar  County,  State  of  Illinois. 

A.  G.  Wallace, 

Recorder  of  Douglass  County,  State  of  Illinois. 
J.  H.  Waggoner, 

Recorder  of  Moultrie  County,  State  of  Illinois. 
W.  T.  Foster, 

Recorder  of  Pyatt  County,  State  of  Illinois. 

E.  McClellan,  per  B.  L.  B., 
Recorder  of  Macon  County,  State  of  Illinois. 


62 


INDIANA  AND  ILLINOIS  CENTRAL  RAIL¬ 
WAY  CO. 


TRUST  DEED. 


This  Indenture,  made  and  entered  into  this  first  day 
of  July,  in  the  year  one  thousand,  eight  hundred  and 
seventy-one,  by  and  between  the  Indiana  and  Illinois 
Central  Railway  Company,  a  consolidated  corporation 
existing  under  and  by  virtue  of  the  laws  of  the  States  of 
Indiana  and  Illinois,  of  the  first  part,  and  the  Union 
Trust  Company  of  New  York,  of  the  second  part, 

Witnesseth  :  That  whereas,  in  pursuance  of  the  power 
and  authority  in  them  duly  vested,  the  said  Indiana 
and  III  inois  Central  Railway  Company  have  re¬ 
solved  to  issue  and  negotiate  a  series  of  three  thousand 
five  hundred  bonds,  for  one  thousand  dollars  each,  num¬ 
bered1  from  1  to  8,500  inclusive,  and  amounting,  in  the 
aggregate,  to  three  millions,  five  hundred  thousand  dol¬ 
lars,  to  be  all  equally  secured  by  these  presents,  and  to 
be  of  the  tenor  and  substantially  in  the  form  following  : 

United  States  of  America. 

States  of  Indiana  and  Illinois. 

No.- .  $1,000, 

Indiana  and  Illinois  Central  Railway  Co. 

First  Mortgage  Seven  per  cent.  Bond ,  free  of  Govern¬ 
ment  Tax. 

Know  all  men  by  these  presents,  That  the  Indiana 
and  Illinois  Central  Railway  Company  is  indebted 
to  the  Union  Trust  Company  of  New  York  in  the  sum  of 


63 


one  thousand  dollars  in  gold  coin  of  the  United  States  of 
America,  which  the  said  Company  promises  to  pay  to 
the  said  Union  Trust  Company  or  to  the  bearer  hereof, 
on  the  first  day  of  July  in  the  year  One  thousand  nine 
hundred  and  one,  in  the  City  of  New  York,  with  interest 
thereon  at  the  rate  of  seven  per  centum  per  annum ,  pay¬ 
able  in  gold  coin  aforesaid,  semi-annually,  at  the  city  of 
New  York  or  London,  at  the  holder’s  option,  on  the  first 
days  of  July  and  January  in  each  year,  upon  the  pre¬ 
sentation  and  surrender  of  the  coupons  hereto  attached, 
as  they  severally  become  due ;  and  in  case  of  the  non¬ 
payment  of  any  half-yearly  installment  of  interest,  which 
shall  have  become  due  and  been  demanded,  and  such 
default  shall  have  continued  six  months  after  demand, 
the  principal  of  this  bond  shall  become  due  in  the  man¬ 
ner  and  with  the  effect  provided  for  in  the  trust  deed 
securing  its  payment. 

This  is  one  of  a  series  of  three  thousand  five  hundred 
bonds,  each  of  one  thousand  dollars,  of  like  tenor  and 
date,  numbered  respectively  from  1  to  3,500  inclusive, 
and  amounting  in  the  aggregate  to  three  millions  five 
hundred  thousand  dollars,  the  payment  of  each  and 
all  of  which  is  equally  secured  by  a  deed  of  trust  or 
mortgage  bearing  date  the  first  day  of  July,  Eighteen 
hundred  and  seventy-one,  duly  executed  and  delivered 
by  the  said  Company,  conveying  the  railroad  of  said 
Company  with  its  present  and  future  equipments,  prop 
erty  and  franchises,  in  the  said  deed  of  trust  or  mortgage 
mentioned,  in  which  the  said  Union  Trust  Company  of 
New  York  is  Trustee. 

This  bond  is  entitled  to  the  benefit  of  a  sinking  fund 
of  two  and  a  half  per  centum  of  the  annual  gross  earn¬ 
ings  of  the  said  railway  Company,  created  by  said  deed 
of  trust,  to  be  set  apart  annually  for  the  redemption  of 
said  bonds,  issued  under  and  secured  thereby. 

And  the  said  Trustee  is  required  to  invest  such  sink¬ 
ing  fund  in  the  bonds  of  this  Company,  at  not  exceeding 


64 


their  par  value  or  in  the  bonds  of  the  United  States  of 
America. 

This  bond  shall  pass  by  delivery,  or  it  may  be  regis¬ 
tered  by  its  owner  on  the  books  of  the  Company  in  the 
City  of  New  York.  After  a  registration  duly  certified 
hereon,  no  transfer,  except  on  the  books  of  the  Company, 
in  the  City  of  New  York,  shall  be  valid;  but  its  transfer- 
ability  by  delivery  may  be  restored  at  the  option  of  the 
holder,  by  a  transfer  to  bearer,  registered  as  aforesaid. 

This  bond  shall  not  become  obligatory,  until  it  shall 
have  been  authenticated  by  a  certificate  endorsed  hereon 
and  signed  by  the  said  Union  Trust  Company  of  New 
York. 

In  witness  whereof,  the  said  Company  has  caused 
its  corporate  name  to  be  signed  and  its  corporate 
seal  to  be  affixed,  and  the  same  to  be  attested 
[seal]  by  the  signatures  of  its  President  and  Secretary, 
and  has  also  caused  the  coupons  hereto  attached 
to  be  signed  by  its  Treasurer  this  first  day  of 
July,  in  the  year  Eighteen  hundred  and  seventy- 
one. 

Indiana  and  Illinois  Central  Railway  Company. 


Secretary. 


President . 


Now  therefore,  be  it  known  that  for  and  in  consider¬ 
ation  of  the  premises,  and  of  the  sum  of  one  dollar  to  the 
parties  of  the  first  part,  duly  paid  by  the  parties  of  the 
second  part,  and  in  order  to  secure  the  payment  of  the 
principal  and  interest  of  the  said  bonds,  according  to  the 
tenor  thereof,  and  of  the  coupons  thereto  annexed,  the 
said  Indiana  and  Illinois  Central  Railway  Com¬ 
pany  have  granted,  bargained,  sold,  transferred  and 
conveyed,  and  by  these  presents  do  grant,  bargain,  sell, 
transfer  and  convey  unto  the  parties  of  the  second  part, 


65 


their  lawful  successors  in  the  trust  hereby  created,  and 
assigns,  all  and  singular  the  Railroad  of  the  parties  of 
the  first  part,  or  which  the  parties  of  the  first  part  are  by 
law  authorized  to  construct,  being  the  line  of  Railroad 
known  and  designated  as  the  “Indiana  and  Illinois 
Central  Railway,”  as  the  same  is  and  hereafter  shall 
be  constructed,  extending  from  the  city  of  Indianapolis, 
in  the  State  of  Indiana,  to  the  city  of  Decatur,  in  the 
State  of  Illinois,  a  distance  of  one  hundred  and  fifty-one 
miles,  together  with  all  lands,  tenements,  and  heredita¬ 
ments  acquired  or  to  be  acquired  for  the  rights  of  way 
for  the  said  Railroad  hereby  conveyed,  and  all  the 
appurtenances  thereto  belonging ;  and  also  all  lands 
acquired  or  appropriated  for  depots,  superstructures, 
buildings,  erections,  and  fixtures  on  the  said  line  of  rail¬ 
way  and  all  tracks,  bridges,  viaducts,  culverts,  fences, 
and  all  houses,  buildings  and  superstructures  thereon 
or  appertaining  thereto,  and  all  other  property,  real  or 
personal,  now  owned  or  hereafter  to  be  acquired  by  the 
party  of  the  first  part,  their  successors  or  assigns,  for  the 
construction,  operation  or  management  of  said  Railroad, 
including  all  locomotives,  tenders,  cars,  and  other  rolling 
stock  and  equipment,  machinery,  tools,  materials,  and 
all  and  singular  the  other  personal  property  of  every 
nature,  kind  and  description  whatever,  belonging  to  the 
said  parties  of  the  first  part ;  and  also  all  the  franchises, 
powers,  rights,  and  privileges  now  owned,  possessed,  or 
which  may  hereafter  be  by  them  acquired  for  the  con¬ 
struction,  maintenance  and  operation  of  said  Railroad. 

To  have  and  to  hold  the  above-mentioned  and 
described  premises,  rights,  franchises,  Railroad,  real 
and  personal  property  unto  the  said  parties  of 
the  second  part,  their  successors  in  this  relation 
and  assigns,  in  trust  for  the  several  persons  who  may 
hereafter  become  the  owners  of  any  of  said  bonds  without 
preference  of  any  of  such  bonds  over  any  of  the  others  by 
reason  of  priority  in  the  time  of  their  issue,  subject,  how- 
6 


66 


ever,  to  the  use,  possession,  management,  and  enjoyment 
of  said  railroad,  franchises  and  property  by  the  said  parties 
of  the  first  part,  and  to  their  right  to  receive  and  take 
the  tolls,  incomes,  revenues,  rents,  issues  and  profits 
thereof,  so  long  as  no  default  shall  be  made  in  payment 
of  either  the  interest  or  principal  of  said  bonds  or  any  of 
them,  and  so  long  as  the  parties  of  the  first  part  shall 
keep  and  perform  the  several  covenants  and  agreements 
in  said  bond  and  in  this  instrument  contained,  and  on 
their  part  to  be  kept  and  performed,  and  for  the  pur¬ 
poses  and  upon  the  conditions  hereinafter  stated. 

First. — The  parties  of  the  first  part  will  pay  or  cause 
to  be  paid  the  bonds  herein  mentioned  and  the  interest 
thereon,  according  to  the  terms  hereof,  and  all  taxes, 
levies  and  assessments  imposed  and  assessed,  or  which 
may  hereafter  be  imposed  and  assessed  upon  the  prem¬ 
ises,  franchises,  and  property  hereby  conveyed  or  in¬ 
tended  so  to  be,  and  also  the  United  States  Government 
tax  upon  the  interest  payable  on  said  bonds  and  each  of 
them  and  represented  by  the  coupons  annexed  to  said 
bonds  ;  and  will,  at  their  own  cost  and  expense,  do  or 
cause  to  be  done,  all  things  necessary  to  preserve  and 
keep  valid  and  intact  the  lien  or  incumbrance  hereby 
created. 

Second. — In  case  default  shall  be  made  for  six  months 
in  the  payment  of  any  interest  upon  either  of  said  bonds 
when  the  same  shall  become  due  and  payable,  the  whole 
principal  sum  mentioned  in  all  and  each  of  said  bonds 
shall  forthwith  become  due  and  payable,  and  the  lien  or 
incumbrance  hereby  created  for  the  security  and  payment 
of  such  bonds  may  be  at  once  enforced,  anything  herein 
to  the  contrary  notwithstanding ;  and  in  such  case  it 
shall  be  lawful  for  the  trustees  then  in  office  to  enter 
upon  all  and  singular  the  Railroad,  property,  and  premi¬ 
ses  hereby  conveyed  or  intended  to  be  conveyed,  and  to 


67 


have,  hold,  use  and  operate  the  same  until  the  same 
shall  have  been  sold  or  otherwise  disposed  of,  in  pursu¬ 
ance  of  the  power  hereinafter  mentioned  or  by  virtue  of 
the  decree  of  some  court  of  competent  jurisdiction,  and 
until  such  time,  and  from  time  to  time,  to  make  all  need¬ 
ful  repairs  and  replacements,  and  such  useful  alterations, 
additions  and  improvements  to  said  Railroad  as  may  be 
necessary  for  the  proper  working  of  the  same,  and  to 
receive  the  tolls,  freight,  income,  rents,  issues  and  profits 
thereof ;  and  after  deducting  the  expenses  of  operating 
and  managing  the  said  Railroad  and  other  property,  and 
of  the  said  repairs,  replacements,  additions  and  improve¬ 
ments,  as  well  as  just  compensation  for  their  own  servi¬ 
ces,  and  for  the  services  of  such  attorneys  and  counsel 
as  they  may  have  employed,  to  apply  the  moneys  accru¬ 
ing  as  aforesaid,  to  the  payment  of  the  said  bonds  pro 
rata ,  and  without  discrimination  or  preference ;  and 
thereafter  to  pay  over  any  surplus  to  the  said  parties  of 
the  first  part,  their  successors  or  assigns,  or  as  any  court 
of  competent  jurisdiction  shall  order,  and  to  restore  the 
said  Railroad  and  other  property  to  the  parties  of  the 
first  part. 

Third.—  In  case  default  shall  be  made  and  continue 
as  aforesaid,  the  parties  of  the  second  part,  or  their  suc¬ 
cessors  in  this  trust,  may,  and  upon  the  written  request 
of  the  holders  of  at  least  Five  Hundred  of  such  Bonds 
then  outstanding,  shall  foreclose  this  mortgage  by  legal 
proceedings,  or  sell  or  caused  to  be  sold  the  said  railway, 
franchises  and  property,  real  and  personal,  hereby  con¬ 
veyed  or  intended  so  to  be,  and  all  benefit  and  equity  of 
redemption  of  the  parties  of  the  first  part  in  and  to  the 
same  and  every  part  thereof,  with  the  benefit  of  the  fran¬ 
chises  aforesaid,  which  said  last  mentioned  sale  shall  be 
at  public  auction,  at  the  City  of  New  York,  or  at 
the  City  of  Indianapolis,  on  previous  notice  of  the  time 


68 


and  place  of  such  sale,  by  advertisement,  published  not 
less  than  three  times  a  week,  for  ten  weeks,  in  at  least 
two  newspapers  of  general  circulation,  published  in  the 
City  of  JSTew  York,  two  in  the  City  of  Indianapolis,  and 
two  in  the  City  of  Decatur,  and  in  such  other  places  as 
may  be  required  by  law,  and  in  such  case  said  parties 
of  the  second  part  and  their  successors  in  this  trust  shall 
make  and  deliver  to  the  purchasers  of  the  said  premises, 
good  and  sufficient  deeds  of  conveyance,  for  the  same  in 
fee-simple,  and  said  sale  and  conveyance  shall  be  a  per¬ 
petual  bar,  both  in  law  and  equity,  against  the  parties 
•of  the  first  part,  their  successors  and  assigns,  and  all 
other  persons  claiming  by,  through  or  under  them,  of  all 
right,  title,  interest  or  claim  in  or  to  said  railroad,  premi¬ 
ses  and  property,  and  every  part  and  parcel  thereof.  In 
case  of  such  sale  the  said  Trustees  shall  deduct  from  the 
proceeds  of  such  sale,  their  just  allowances  for  the  ex¬ 
penses  thereof,  including  attorneys  and  counsel  fees, 
and  all  expenses  which  may  have  been  incurred  in  oper¬ 
ating,  managing  or  maintaining  the  said  railroad,  or  in 
managing  the  business  thereof,  as  well  as  just  compen¬ 
sation  for  the  services  of  said  trustees,  and  thereafter  shall 
apply  so  much  of  the  said  proceeds  as  may  be  necessary, 
to  the  payment  of  the  principal  and  interest  of  the  said 
bonds  then  remaining  unpaid,  pro  rata ,  without  dis¬ 
crimination  or  preference ;  and  any  surplus  remaining 
after  such  payment,  shall  be  paid  over  to  the  said  parties 
of  the  first  part  or  as  any  Court  of  competent  jurisdiction 
shall  order. 

Fourth . — At  any  sale  of  the  aforesaid  property,  or  of 
any  part  thereof,  made  by  virtue  of  these  presents,  or 
by  judicial  authority,  the  trustee  or  trustees  may  pur¬ 
chase  the  property  so  sold,  or  any  part  thereof,  on  behalf 
of  all  the  holders  of  the  said  bonds  then  outstanding,  at 
a  reasonable  price,  if  but  a  portion  of  said  property  shall 


69 


be  so  purchased  ;  or,  if  all  of  it  be  purchased,  then  at  a 
price  not  exceeding  the  whole  amount  of  snch  bonds  then 
outstanding,  with  the  interest  accrued  thereon. 

Fifth. — The  parties  of  the  first  part  in  consideration 
aforesaid,  further  covenant  and  agree  with  the  parties  of 
the  second  part  and  their  successors  in  this  Trust,  that 
they,  the  said  parties  of  the  first  part,  their  successors 
or  assigns,  will  on  the  first  day  of  July,  1875,  and  on 
the  first  day  of  July,  annually  thereafter,  pay  to  the 
parties  of  the  second  part  or  their  successors  as  aforesaid, 
two  and  a  half  per  cent,  of  the  gross  earnings  of  said 
Railway  Company  for  the  previous  year,  as  a  sinking- 
fund,  which  moneys,  together  with  all  accumulations  of 
interest  thereon,  shall  be  exclusively  applied  to  the  pur¬ 
chase  and  redemption  of  Bonds  secured  by  these  presents, 
at  not  exceeding  their  par  value,  or  bonds  of  the  United 
States,  and  which  said  purchases  may  be  made  in  the 
discretion  of  the  Trustee  either  at  the  New  York  Stock 
Exchange,  in  the  City  of  New  York,  or  at  any  public  sale 
in  said  City,  or  after  ten  days’  public  notice  in  two  or 
more  daily  papers  in  the  City  of  New  York,  and  which 
said  purchases  shall  be  made  at  the  lowest  possible  price, 
and  the  Bonds  of  the  said  Railway  Company  so  pur¬ 
chased,  with  the  Coupons  thereto  attached,  shall  be 
immediately  cancelled  by  the  said  parties  of  the  second 
part,  or  their  successors  as  aforesaid. 

Sixth.^-H\iQ  Trustees  hereby  created  and  their  suc¬ 
cessors  may,  in  their  discretion,  upon  the  written  request 
of  the  parties  of  the  first  part  or  their  successors,  sell, 
assign  or  transfer,  any  real  or  personal  property  owned 
or  held  by  the  said  Company,  and  bound  by  the  lien  of 
this  conveyance,  and  release  the  same  from  the  lien  here¬ 
by  created,  whenever,  in  the  judgment  of  said  Trustees, 
said  property  shall  not  be  necessary  for  the  operation 
and  management  of  the  said  railroad ;  and  said  Trustees 


70 


may  also,  in  tlieir  discretion  on  like  request,  consent  to 
any  change  in  the  location  of  the  track  of  the  said  rail¬ 
road,  or  of  the  depots  or  other  buildings  and  structures 
of  the  said  parties  of  the  first  part  as  may  seem  expe¬ 
dient,  and  said  Trustees  are  authorized  to  make  and 
deliver  all  instruments  necessary  or  proper  to  effect  such 
objects ;  provided,  however,  that  such  property  shall  not 
be  sold  at  less  than  its  full  value,  and  in  all  cases  the 
proceeds  of  said  sales  or  transfers,  and  all  lands,  depots, 
or  other  buildings  and  structures,  and  all  personal  pro¬ 
perty  acquired  or  purchased,  in  substitution  for  any  so 
sold,  assigned  or  released,  shall  be  subject  to  the  lien  of 
this  deed  of  Trust,  and  shall,  upon  demand,  be  conveyed 
or  transferred  to  the  Trustees  and  on  the  trusts  herein. 

And  the  parties  of  the  first  part  covenant  and 
agree  that  whenever  they  or  their  successors  or  assigns 
shall  acquire  any  lands,  equipments,  property,  or  fran¬ 
chise  of  whatever  nature  or  description,  for  use  in  con¬ 
nection  with  said  railroad,  they  will  hold  the  same,  upon 
and  subject  to  the  trusts  of  this  instrument  until  convey¬ 
ance  thereof  shall  be  duly  made  and  delivered  to  the 
parties  of  the  second  part  or  their  successors  ;  and  shall 
and  will,  when  thereunto  requested,  execute  and  deliver 
all  such  further  deeds,  conveyances,  transfers  and  assur¬ 
ances  in  the  law,  for  the  better  assuring  unto  the  parties 
of  the  second  part,  and  their  successors,  upon  the  trusts 
herein  expressed,  the  Railroad,  equipments,  appurte¬ 
nances,  franchises,  property  and  things  herein  before 
mentioned,  and  to  which  the  said  parties  of  the  first  part 
are  or  may  hereafter  become  entitled,  or  may,  in  any 
manner  acquire,  for  the  use  of  the  said  Railroad,  as  by 
the  said  trustees,  or  by  their  counsel  learned  in  law, 
shall  be  reasonably  advised  or  required. 

Seventh . — The  Trustees  hereby  created  or  their  success¬ 
ors  in  this  trust,  may  resign  the  trust  hereby  imposed, 
and  be  discharged  therefrom  by  giving  thirty  days’  pre- 


71 


vious  notice  in  writing,  to  the  said  parties  of  the  first 
part,  and  said  Trustees  may  likewise  be  removed  by  a 
court  of  competent  jurisdiction  ;  and  in  case  of  the  death 
or  resignation  or  removal  of  any  Trustee,  the  parties  of 
the  first  part  may,  by  resolution  of  their  Board  of  Direct¬ 
ors,  thereupon  appoint  a  new  Trustee,  and  so  from  time 
to  time  the  place  of  said  Trustees  may  be  filled  in  like 
manner ;  but  in'  case  of  neglect  by  the  parties  of  the  first 
part  to  appoint  such  new  Trustee  within  three  months 
after  a  vacancy  shall  have  occurred  as  aforesaid,  or  in 
case  the  Trustee  so  appointed  to  fill  such  vacancy  shall 
not  be  satisfactory  to  the  holders  of  a  majority  in  amount 
of  said  bonds  then  outstanding,  the  holders  of  such  ma¬ 
jority  in  amount  of  such  bonds  may,  by  writing  under 
their  hands  and  seals,  appoint  a  new  Trustee  to  fill  such 
vacancy,  and  such  appointment,  so  made  shall  super¬ 
sede  that  which  may  have  been  made  by  the  parties  of 
the  first  part ;  and  it  is  further  agreed,  that  in  either  of 
said  cases  all  the  estate,  right,  title,  interest,  power  and 
control  of  the  existing  Trustee  shall  be  divested,  cease 
and  determine,  but  without  any  discontinuance  of  the 
trust,  and  the  new  Trustee  so  substituted  and  appointed 
shall  thereby  become  vested  with  all  the  estate,  powers 
and  authority  granted  to  or  conferred  by  these  presents, 
without  any  further  assurance  or  conveyance  ;  but  the 
parties  of  the  second  part,  or  their  successors  in  this 
trust,,  shall  immediately  execute  all  such  conveyances 
and  other  instruments  as  may  be  fit  and  expedient  for 
the  purpose  of  assuring  the  legal  estate  in  the  premises 
to  the  Trustee  so  appointed. 

Eighth . — The  said  parties  of  the  second  part,  and  their 
successors  in  this  trust,  may  employ  at  the  expense  of  the 
parties  of  the  first  part,  such  attorneys,  counsel,  clerks, 
or  other  agents  as  they  may  deem  proper  in  the  execu¬ 
tion  of  the  trusts  hereby  created,  and  shall  be  entitled 


72 


to  just  compensation  for  all  services  rendered  by  them 
in  the  execution  of  this  trust,  and  to  be  reimbursed  for 
all  necessary  expenditures,  in  and  about  the  same,  to  be 
paid  by  the  parties  of  the  first  part,  unless  herein  other¬ 
wise  provided  ;  provided,  however,  and  it  is  expressly 
agreed  that  the  said  parties  of  the  second  part  or  their 
successors  in  this  trust,  shall  be  accountable  for  reason¬ 
able  care  and  diligence  only,  in  the  performance  of  such 
trusts,  and  in  the  management  of  the  said  estate  and 
property,  and  shall  not  be  liable,  accountable  or  respon¬ 
sible  for  the  acts  of  any  agent,  depositary  or  substitute 
employed  by  them,  when  such  agent,  depositary  or 
substitute  shall  have  been  selected  with  reasonable 
discretion. 

Ninth . — Upon  payment  of  the  principal  and  interest 
of  the  bonds  mentioned  and  intended  to  be  secured 
hereby,  these  presents  and  the  estate  hereby  granted 
shall  cease  and  be  void,  and  the  parties  of  the  first  part 
shall  be  immediately  and  fully  reinvested  with  the  pre¬ 
mises  hereby  granted  in  law,  and  in  fact  without  any 
entry  or  other  act  whatever. 


In  witness  whereof,  the  said  Indiana  and  Illinois 
Central  Railway  Company  has  caused  this  instru¬ 
ment  to  be  signed  by  the  President  and  attested  by  the 
Secretary  of  said  Corporation,  and  the  corporate  seal 
thereof  to  be  affixed  hereto  by  the  authority  of  the 
Board  of  Directors  thereof  for  that  purpose  obtained, 
and  the  said  Union  Trust  Company  of  New  York  have 
likewise  caused  this  Instrument  to  be  signed  by  the 
President  and  Secretary  of  said  Corporation,  and  the 
corporate  seal  thereof  to  be  affixed  hereto  by  the  author¬ 
ity  of  the  Board  of  Directors  thereof  for  that  purpose 


73 


had  and  obtained,  and  have  thereby  signified  their 
acceptance  of  the  trusts  herein  before  created. 

Indiana  and  Illinois  Central  Railway  Co. 

By  Henry  B.  Hammond,  President. 

[SEAL.] 

r^XayC^an^M  J°HN  E'  ElSLEY’  ^ CTetdTy . 
Attest : 

Union  Trust  Company  of  New  York,  Trustee. 

By  I.  H.  Frothingham,  President. 

[SEAL.] 

rniNe^rYtk,T8Snyof!  C.  T.  Carlton,  Secretary. 


State  of  New  York,  ) 

City  and  County  of  New  York,  f  s  ' 

Be  it  remembered,  that  on  the  fifteenth  day  of  April, 
in  the  year  One  thousand  eight  hundred  and  seventy-two, 
in  the  city  and  county  aforesaid,  before  me,  Charles 
Nettleton,  a  commissioner  residing  in  said  city,  duly 
appointed  by  the  Governor  of  the  State  of  Indiana,  to 
take  acknowledgment  and  proof  of  the  execution  of  deeds 
and  other  instruments  in  writing,  under  seal  or  not,  to  be 
used  and  recorded  in  said  State,  and  take  depositions, 
etc.,  personallyappeared  Henry  B.  Hammond,  President 
of  the  Indiana  and  Illinois  Central  Railway 
Company,  personally  to  me  known  to  be  such  President, 
and  to  be  the  identical  person  whose  name  is  subscribed 
to  the  foregoing  instrument  of  writing,  as  having  executed 
the  same, and  acknowledged  that  the  same  was  executed 
by  him  as  such  President,  and  attested  by  John  E. 
Risley,  the  Secretary  of  said  Company,  grantor  therein, 
and  the  seal  of  said  Company  affixed  thereto  by  the  said 


74 


Secretary,  by  order  of  the  Board  of  Directors  of  the  said 
Company,  and  as  the  free  act  and  deed  of  the  said  Com¬ 
pany  for  the  uses  and  purposes  therein  mentioned,  and 
at  the  same  time  and  place,  personally  appeared  before 
me,  John  E.  Risley,  Secretary  of  the  said  Company, 
personally  to  me  known  to  be  such  Secretary,  and  to  be 
the  identical  person  whose  name  is  subscribed  to  the 
foregoing  instrument  of  writing  as  having  executed  the 
same,  and  acknowledged  that  the  same  was  executed  by 
the  said  Henry  B.  Hammond,  President,  and  also  by 
him  the  said  John  E.  Risley,  as  Secretary  of  said  Com¬ 
pany,  and  the  seal  thereof  affixed  thereto  by  him  as  such 
Secretary,  by  order  of  the  Board  of  Directors  of  said 
Company,  and  as  the  free  act  and  deed  of  said  Company 
for  the  uses  and  purposes  therein  mentioned. 

In  witness  whereof,  I  hereto  set  my  hand  and  affix 
my  official  seal  as  Commissioner  of  the  State  of  Indiana, 
at  my  office  in  the  City  of  New  York  and  State  aforesaid, 
this  fifteenth  day  of  April,  1872. 

Charles  Nettleton, 
Commissioner  for  the  State  of  Indiana , 
in  the  City  of  New  York ,  State  of  New  York. 

[SEAL.] 

(  Charles  Nettleton,  ) 
l  Commissioner  of  Indiana.  { 


State  of  New  York,  ) 

City  and  County  of  New  York,  j  6 

Be  it  remembered,  that  on  the  fifteenth  day  of  April, 
in  the  year  One  thousand  eight  hundred  and  seventy-two, 
in  the  city  and  county  aforesaid,  before  me,  Charles 
Nettleton,  a  commissioner  residing  in  said  City,  duly 
appointed  by  the  Governor  of  the  State  of  Illinois,  to 
take  acknowledgment  and  proof  of  the  execution  of  deeds 


75 


and  other  instruments  in  writing,  under  seal  or  not,  to  be 
used  and  recorded  in  said  State,  and  take  depositions, 
etc.,  personally  appeared  Henry  B.  Hammond,  President 
of  the  Indiana  and  Illinois  Central  Railway 
Company,  personally  to  me  known  to  be  such  President, 
and  to  be  the  identical  person  whose  name  is  subscribed 
to  the  foregoing  instrument  of  writing,  as  having  executed 
the  same,  and  acknowledged  that  the  same  was  executed 
by  him  as  such  President,  and  attested  by  John  E. 
Risley,  the  Secretary  of  said  Company,  grantor  therein, 
and  the  seal  of  said  Company  affixed  thereto  by  the  said 
Secretary,  by  order  of  the  Board  of  Directors  of  the  said 
Company,  and  as  the  free  act  and  deed  of  the  said  Com¬ 
pany  for  the  uses  and  purposes  therein  mentioned,  and 
at  the  same  time  and  place,  personally  appeared  before 
me  John  E.  Risley,  Secretary  of  the  said  Company  ? 
personally  to  me  known  to  be  such  Secretary,  and  to  be 
the  identical  person  whose  name  is  subscribed  to  the 
foregoing  instrument  of  writing  as  having  executed  the 
same,  and  acknowledged  that  the  same  was  executed  by 
the  said  Henry  B.  Hammond,  President,  and  also  by 
him,  the  said  John  E.  Risley,  as  Secretary  of  said  Com¬ 
pany,  and  the  seal  thereof  affixed  thereto  by  him  as  such 
Secretary,  by  order  of  the  Board  of  Directors  of  said 
Company,  and  as  the  free  act  and  deed  of  said  Company 
for  the  uses  and  purposes  therein  mentioned. 

In  witness  whereof,  I  hereto  set  my  hand  and  affix 
my  official  seal  as  Commissioner  of  the  State  of  Illinois, 
at  my  office  in  the  City  of  New  York  and  State  aforesaid, 
this  fifteenth  day  of  April,  1872. 

Charles  Nettleton, 

Commissioner  for  the  State  of  1  llinois 
in  the  City  of  New  York ,  State  of  New  York. 

[SEAL.] 

I  Charles  Nettleton,  ) 

(  Commissioner  of  Illinois.  ) 


76 


State  of  New  York,  [ 

City  and  County  of  New  York ,  j  ,s  s' 

Be  it  remembered,  That  on  this  fifteenth  day  of  April, 
a.  d.,  1872,  before  me,  Charles  N  ettleton,  a  Commissioner, 
in  and  for  the  State  of  New  York,  duly  appointed  and 
commissioned  by  the  Governor  of  the  State  of  Indiana 
duly  sworn,  and  dwelling  in  said  City  of  New  York, 
personally  appeared  I.  H.  Frothingham,  the  President, 
and  C.  T.  Carlton,  the  Secretary  of  the  Union  Trust  Com¬ 
pany,  of  New  York,  who  are  to  me  personally  known  to 
be  such,  and  they,  the  said  I.  H.  Frothingham  and  C.  T. 
Carlton,  being  by  me  severally  duly  sworn,  did  each 
depose  and  say  :  that  he,  said  I.  H.  Frothingham,  resided 
in  New  York,  and  that  he,  said  C.  T.  Carlton,  resided  in 
New  York,  that  he,  I.  H.  Frothingham,  was  President, 
and  that  he,  C.  T.  Carlton,  was  Secretary,  of  the  said 
Union  Trust  Company  of  New  York,  they  know  the 
Corporate  Seal  of  said  Company,  that  the  seal  affixed  to 
the  instrument  purporting  to  be  the  Corporate  Seal  of  said 
Company,  was  such  Corporate  Seal ;  that  it  was  so 
affixed  by  order  of  the  Board  of  Directors  of  said  Com¬ 
pany,  and  that  they  severally  signed  their  names,  thereto 
by  the  like  order  as  President  and  Secretary  of  said 
Company  respectively,  and  they,  the  said  I.  H.  Froth¬ 
ingham  and  C.  T.  Carlton,  also  severally  acknowledged 
the  execution  of  the  said  instrument  as  the  act  and  deed 
of  the  said  Union  Trust  Company  of  New  York. 

In  witness  whereof,  I  have  hereunto  set  my  hand 
and  affixed  my  official  seal,  the  day  and  year  in  this 
Certificate  above  written. 


Charles  Nettleton, 
Commissioner  for  Indiana ,  New  York. 


[SEAL.] 

(  Charles  Nettleton,  i 
\  Commissioner  for  Indiana  ) 


77 


State  of  New  York,  ) 

City  and  County  of  New  York,  f  s' ' 

Be  it  remembered,  that  on  this  fifteenth  day  of  April, 
in  the  year  of  our  Lord  One  thousand  eight  hundred  and 
seventy- two,  in  the  City  and  County  aforesaid,  before 
me,  Charles  Nettleton,  a  Commissioner  residing  in  said 
city  duly  appointed  and  commissioned  by  the  Governor 
of  the  State  of  Illinois,  to  take  the  acknowledgment  and 
proof  of  the  execution  of  deeds  and  other  instruments  in 
writing,  under  seal  or  not,  to  be  used  and  recorded  in 
said  State  of  Illinois,  and  to  take  depositions,  &c.,  per¬ 
sonally  appeared  I.  H.  Frothingham,  the  President,  and 
C.  T.  Carlton,  the  Secretary,  of  the  Union  Trust  Com¬ 
pany  of  New  York,  to  me  personally  known  to  be  such, 
and  they  (I.  H.  Frothingham  and  C.  T.  Carlton)  being 
by  me  severally  duly  sworn,  did  each  depose  and  say  : 
that  he,  the  said  I.  H.  Frothingham,  resided  in  New 
York,  and  that  he,  the  said  C.  T.  Carlton,  resided  in  New 
York ;  that  he,  said  I.  H.  Frothingham,  was  President, 
and  that  he,  the  said  C.  T.  Carlton,  was  the  Secretary  of 
the  said  Union  Trust  Company  of  New  York  ;  that  they 
know  the  corporate  seal  of  the  said  Company ;  that  the 
seal  affixed  to  the  foregoing  instrument  purporting  to  be 
the  seal  of  said  Company,  was  such  corporate  seal  ;  that 
it  was  so  affixed  by  order  of  the  Board  of  Directors  of 
said  Company,  and  that  they  severally  signed  their 
names  thereto  by  the  like  order  as  President  and  Secre¬ 
tary  of  said  Company  respectively  ;  and  they,  the  said 
I.  H.  Frothingham  and  C.  T.  Carlton,  also  severally  ac¬ 
knowledged  that  they  had  executed  the  said  instrument 
as  the  act  and  deed  of  the  said  Union  Trust  Company 
of  New  York,  for  the  uses  and  purposes  therein 
expressed. 

In  witness  whereof,  I  have  hereunto  set  my  hand  and 
affixed  my  official  seal  as  Commissioner  of  the  said  State 


78 


of  Illinois,  at  my  office  in  the  City  and  County  of  New 
York  and  State  aforesaid,  this  fifteenth  day  of  April,  a. 
d.,  1872. 

Charles  Nettleton, 

Commissioner  of  the  State  of  Illinois , 
for  the  City  of  New  York . 

[SEAL.] 

(  Charles  Nettleton,  ) 

<  State  and  City  of  New  York,  > 

(  Commissioner  for  the  State  of  Illinois. ) 


State  of  Indiana,  Marion  County ,  ss. 

Received  for  Record,  this  1 5th  day  of  J  une,  1872,  at 
2  o’clock,  P.  M.,  and  recorded  in  Record  Qf  Mortgages, 
Yol.  23,  Page 

Dan.  C.  Greenfield, 

Recorder  of  Marion  County. 


State  of  Indiana ,  Hendricks  County ,  ss. 

Received  for  Record,  this  29th  day  of  May,  1872,  at 
twenty-five  minutes  after  eight  o’clock  A.  M.,  and  re¬ 
corded  in  Record  of  Mortgages,  Yol.  6,  Page  202. 

Wm.  Patterson, 

Recorder  of  Hendricks  County. 


State  of  Indiana ,  Putnam  County ,  ss. 

Received  for  Record,  this  29th  day  of  May,  1872,  at 
ten  minutes  after  three  o’clock  P.  M.,  and  recorded  in 
Record  of  Mortgages,  Yol.  6,  Page  580. 

John  Crane,  Jr., 

Recorder  of  Putnam  County. 


79 


State  of  Indiana ,  Parlce  County ,  55. 

Received  for  Record,  this  4tli  day  of  June,  1872,  at 
thirty  minutes  after  four  o’clock  P.  M.,  and  recorded  in 
Record  of  Mortgages,  Yol.  6,  Page  290. 

Elwood  Hunt, 

Recorder  of  Parke  County. 
By  White,  Deputy. 


State  of  Indiana ,  Vermillion  County ,  ss. 

Received  for  Record,  this  4th  day  of  June,  1872,  at 
thirty  minutes  after  two  o’clock  P.  M.,  and  recorded  in 
Record  of  Mortgages,  V ol.  4,  Page  54. 

Robt.  E.  Stephens, 

1 

Recorder  of  Vermillion  County. 


State  of  Illinois ,  Edgar  County ,  ss. 

Received  for  Record,  this  31  day  of  May,  1872,  at  7 
o’clock*  A.  M.,  and  recorded  in  Record  of  Mortgages, 
Yol.  10,  page  160. 

A.  B.  Powell, 

Recorder  of  Edgar  County. 


State  of  Illinois ,  Douglass  County ,  ss. 

Received  for  Record,  this  31  day  of  May,  1872,  at 
3  o’clock,  P.  M.,  and  recorded  in  Record  of  Mortgages, 
Yol.  10,  page  58. 

A.  G.  Wallace, 

Recorder  of  Douglass  County. 


80 


State  of  Illinois ,  Moultrie  County ,  55. 

Received  for  Record,  this  1st  day  of  June,  1872,  at 
9  o’clock,  A.  M.,  and  recorded  in  Record  of  Mortgages, 
Vol.  59,  page  88. 

J.  H.  Waggoner, 

Recorder  of  Moultrie  County. 


State  of  Illinois ,  Pyatt  County ,  ss. 

Received  for  Record,  this  3  day  of  June,  1872,  at 
4  o’clock,  P.  M.,  and  recorded  in  Record  of  Mortgages, 
Vol.  3,  page  432. 

W.  F.  Foster, 

Recorder  of  Pyatt  County. 


State  of  Illinois ,  Macon  County ,  ss. 

Received  for  Record,  this  3d  day  of  June,  1872,  at 
15  minutes  after  11  o’clock,  A.  M.,  and  recorded  in 
Record  of  Mortgages,  Vol.  46,  page  462. 

E.-  McClellan, 

Recorder  of  Macon  County. 
per  B.  L.  B. 


\ 


s 


